Zacharias Sautner (Frankfurt School of Finance & Management) who spoke at the "New Research on Executive Compensation and on Sustainability" conference that took place on the 16-17/12/19 at Bar-Ilan University. The full paper and slides from this presentation can be downloaded here:

23 January 2020


We examine the relation between team turnover and firm performance studying the private equity industry. Using a unique data set that tracks over time teams in 138 PE managers and their performance, we uncover a positive relation between turnover and fund performance. We propose and confirm in the data two channels that explain our findings: i) in the short-run, perfor- mance improves when bad performers are fired, ii) in the long-run, turnover helps teams to adapt and replenish their skills in response to shifting exter- nal demand.

June 21 2021