Private Equity and Industry Performance

• 成果类型: Article
• 署名作者: Bernstein, Shai; Lerner, Josh; Sorensen, Morten; Stromberg, Per
• 署名单位: Stanford University; Harvard University; National Bureau of Economic Research; Copenhagen Business School; Columbia University; Stockholm School of Economics; Centre for Economic Policy Research - UK
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2015.2404
• 发表日期: 2017
• 页码: 1198-1213
• 关键词: private equity; industry growth; Cross-country analysis; Production; EMPLOYMENT

摘要

The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms of total production and employment and appear less exposed to aggregate shocks. Our robustness tests provide some evidence that is consistent with our effects being driven by our preferred channel.