Private Equity

Does Private Equity Create Wealth?

What is the Shareholder Wealth Impact of Target CEO Retention in Private Equity Deals?

There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because...

The Employment Consequences of Private Equity Acquisitions: The Case of Institutional Buy Outs

There is a growing controversy as to the impact of private equity acquisitions, especially in terms of their impact on employment and subsequent...

The Unicorn Puzzle

From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give...

Indirect Investor Protection: The Investment Ecosystem and Its Legal Underpinnings

This paper argues that the key mechanisms protecting portfolio investors in public corporate securities are indirect. They do not rely on actions by the...

There Is Something Special about Large Investors: Evidence from a Survey of Private Equity Limited Partners

We show that investors with more dollar amount allocated to private equity conduct more thorough due diligence and have different investment criteria....

Eclipse of the Public Corporation or Eclipse of the Public Markets?

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net...

All Clear for Takeoff: Evidence from Airports on the Effects of Infrastructure Privatization

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners target and manage these assets?...

Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts

The fastest growing segment of private equity deals are secondary buyouts - sales from one PE fund to another. Using a comprehensive sample of leveraged...

Private Equity Buyouts and Employee Health

We relate employees' health to their productivity to analyze the restructuring of the labor force during Private Equity buyouts using employee-level...

Recasting Private Equity Funds after the Financial Crisis: The End of ?Two and Twenty? and the Emergence of Co-Investment and Separate Account Arrangements

This article examines the post-financial crisis trends in the private equity industry. Although most research has followed the pre-crisis trends, we...

Private Equity and Human Capital Risk

We study the human-capital effects of private equity buyouts in Germany. We conduct matched-sample difference-in-differences estimations at the...