The Federal Reserve Board eagle logo links to home page
Skip to: [Printable Version (PDF)] [Bibliography] [Footnotes]
Finance and Economics Discussion Series: Data for paper 2011-15 ♣

Agency Problems in Public Firms: Evidence from Corporate Jets in Leveraged Buyouts

Jesse Edgerton

Figure 1A: Jet Fleets by Quintile of Firm Sales

Quintile of Sales Ownership Fraction of Firms with Any Jet
1 PE-owned Firms 0.1176471
1 Private, Non-PE-owned Firms 0.3170732
1 Public Firms 0.2426778
2 PE-owned Firms 0.1428571
2 Private, Non-PE-owned Firms 0.3375
2 Public Firms 0.2161017
3 PE-owned Firms 0.3636364
3 Private, Non-PE-owned Firms 0.3406594
3 Public Firms 0.3239437
4 PE-owned Firms 0.1875
4 Private, Non-PE-owned Firms 0.3389831
4 Public Firms 0.4656489
5 PE-owned Firms 0.5714286
5 Private, Non-PE-owned Firms 0.6129032
5 Public Firms 0.6746575
Return to Figure 1A

Figure 1B: Jet Fleets by Quintile of Firm Sales

Quintile of Sales Ownership Mean number of Seats
1 PE-owned Firms 6.875
1 Private, Non-PE-owned Firms 12.28846
1 Public Firms 9.775347
2 PE-owned Firms 4.041667
2 Private, Non-PE-owned Firms 18.61574
2 Public Firms 9.396953
3 PE-owned Firms 9.473992
3 Private, Non-PE-owned Firms 18.43787
3 Public Firms 11.14618
4 PE-owned Firms 8
4 Private, Non-PE-owned Firms 27.4922
4 Public Firms 14.91419
5 PE-owned Firms 16.375
5 Private, Non-PE-owned Firms 38.02632
5 Public Firms 39.39428
Return to Figure 1B

Figure 1C: Jet Fleets by Quintile of Firm Sales

Quintile of Sales Ownership Mean ratio
1 PE-owned Firms 0.6191345
1 Private, Non-PE-owned Firms 3.173506
1 Public Firms 1.963452
2 PE-owned Firms 0.3268452
2 Private, Non-PE-owned Firms 3.584785
2 Public Firms 1.176209
3 PE-owned Firms 1.39745
3 Private, Non-PE-owned Firms 2.30313
3 Public Firms 1.363783
4 PE-owned Firms 0.3308506
4 Private, Non-PE-owned Firms 2.064864
4 Public Firms 1.295173
5 PE-owned Firms 0.8174191
5 Private, Non-PE-owned Firms 1.77712
5 Public Firms 1.267457
Return to Figure 1C

Figure 2A: Jet fleets in years surrounding leveraged buyouts

Fraction of firms Years since LBO
0.392157 -8
0.396226 -7
0.403509 -6
0.38983 -5
0.409836 -4
0.4 -3
0.455882 -2
0.463768 -1
0.405797 0
0.362319 1
0.390625 2
0.290323 3
Return to Figure 2A

Figure 2B: Jet fleets in years surrounding leveraged buyouts

Ratio of seats to sales Years since LBO
1.499769 -8
1.45462 -7
1.43609 -6
1.671437 -5
1.595911 -4
1.705042 -3
1.68513 -2
1.637303 -1
1.356453 0
1.193799 1
1.171133 2
0.5726378 3
Return to Figure 2B

Figure 3A: Percentiles of Residual Fleet Size by Ownership

PE-owned Firms Private, Non-PE-owned Firms Public Firms Percentile
-4.143534 -4.686652 -4.045612 2
-3.338205 -3.877467 -3.305844 4
-3.249566 -3.333387 -3.104625 6
-3.238412 -3.069739 -2.898357 8
-3.144601 -2.943112 -2.716288 10
-2.987839 -2.853732 -2.597461 12
-2.862753 -2.769436 -2.492916 14
-2.76044 -2.584366 -2.38771 16
-2.658062 -2.469712 -2.288353 18
-2.553377 -2.385646 -2.220956 20
-2.517654 -2.282643 -2.180046 22
-2.438414 -2.198419 -2.11817 24
-2.371062 -2.114027 -2.053675 26
-2.343567 -2.038426 -1.994701 28
-2.327098 -1.948581 -1.938464 30
-2.245544 -1.874875 -1.891991 32
-2.19591 -1.799926 -1.842243 34
-2.129115 -1.729817 -1.784448 36
-2.068721 -1.614571 -1.721808 38
-2.01831 -1.557908 -1.655629 40
-1.99366 -1.481826 -1.591512 42
-1.922016 -1.434631 -1.533805 44
-1.884486 -1.385506 -1.466817 46
-1.816172 -1.30124 -1.406249 48
-1.709855 -1.216776 -1.351151 50
-1.705809 -1.158258 -1.295586 52
-1.695811 -1.123213 -1.2458 54
-1.641343 -1.083858 -1.158397 56
-1.532159 -1.033244 -1.087619 58
-1.472998 -0.9459566 -0.9951287 60
-1.456667 -0.8451903 -0.8653192 62
-1.398504 -0.7573947 -0.7749237 64
-1.326938 -0.5963008 -0.6739665 66
-1.274704 -0.4892569 -0.5696 68
-1.197857 -0.3155438 -0.4390689 70
-1.124259 -0.1134037 -0.3156461 72
-1.040027 0.2902095 -0.1804032 74
-0.9781246 0.7124093 0.0357387 76
-0.9257627 1.214682 0.2141048 78
-0.9103262 1.574423 0.4165949 80
-0.8909552 2.110144 0.648044 82
-0.6629528 2.928152 0.9145513 84
-0.4869972 4.102731 1.188151 86
-0.3878808 4.652915 1.486974 88
-0.2708983 5.859068 1.966133 90
0.2335386 7.134913 2.680619 92
1.119777 8.435654 3.452997 94
1.676233 12.39746 5.086203 96
Return to Figure 3A

Figure 3B: Percentiles of Residual Fleet Size by Ownership

PE-owned Firms Private, Non-PE-owned Firms Public Firms Percentile
-2.482927 -2.800675 -3.078979 2
-2.081944 -2.158096 -2.296667 4
-1.834142 -1.842941 -2.025355 6
-1.656614 -1.672132 -1.87482 8
-1.581074 -1.62236 -1.737566 10
-1.523528 -1.545022 -1.610389 12
-1.422077 -1.422856 -1.49936 14
-1.317592 -1.30337 -1.421596 16
-1.268293 -1.24094 -1.345452 18
-1.129514 -1.188581 -1.253742 20
-1.084702 -1.146006 -1.184229 22
-1.079697 -1.097996 -1.115845 24
-1.050383 -1.017658 -1.060504 26
-1.015721 -0.9528337 -1.00116 28
-1.001491 -0.9089427 -0.9463251 30
-0.984673 -0.8623648 -0.8972878 32
-0.9662378 -0.8229083 -0.8417752 34
-0.9095104 -0.7810766 -0.7805039 36
-0.8797004 -0.7092949 -0.7273467 38
-0.8003778 -0.6485233 -0.6747246 40
-0.7680824 -0.6121437 -0.6330688 42
-0.7206237 -0.5724819 -0.5930129 44
-0.6992422 -0.5257995 -0.5340195 46
-0.6687415 -0.4578739 -0.4926648 48
-0.6367265 -0.4103506 -0.4487676 50
-0.6163571 -0.3835026 -0.3886653 52
-0.572794 -0.2975728 -0.3281525 54
-0.5587139 -0.2486172 -0.2701671 56
-0.5374761 -0.2027122 -0.2038397 58
-0.4865858 -0.1492197 -0.1294312 60
-0.4590962 -0.079598 -0.0594338 62
-0.4486163 -0.018283 0.0454406 64
-0.4227516 0.055451 0.2142735 66
-0.3407075 0.1997332 0.4131419 68
-0.245585 0.5389261 0.6634711 70
-0.1710602 0.9680592 0.9114202 72
-0.1117994 1.186608 1.100825 74
0.0291102 1.407925 1.27383 76
0.2761747 1.572453 1.426538 78
0.3245879 1.783936 1.583327 80
0.5725847 2.024999 1.728622 82
0.9759061 2.220292 1.8586 84
1.186773 2.297747 1.971794 86
1.330137 2.420315 2.080319 88
1.376335 2.536488 2.210166 90
1.517954 2.725174 2.331074 92
2.019976 2.895176 2.451211 94
2.135271 3.2526 2.61318 96
Return to Figure 3B
♣ This version is optimized for use by screen readers. Descriptions for all mathematical expressions are provided in LaTex format. A printable pdf version is available. Return to Text
Home | Working Papers | Accessibility | Contact us
Last update: March 3, 2011