Private Equity

Working Paper

01 February 2014

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. The fraction allocated to private equity, the organization?s total asset under...

Marco Da Rin | Ludovic Phalippou
01 July 2014

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 organizational performance. It has been suggested that closer owner supervision and the...

Marc Goergen | Noel O'Sullivan | Geoffrey Wood
01 January 2016

The Incredible Shrinking Stock Market: On the Political Economy Consequences of Excessive Delistings

Over the past two decades, the U.S. stock market has halved in size as the "public firm model" has begun to fall out of favor. We develop a political economy model of delistings from the stock market to study the wider economic consequences...

Alexander Ljungqvist | Lars Persson | Joacim Tåg
01 June 2017

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 CEO’s potential conflicts of interest leads her to negotiate less...

Leonce Bargeron | Frederik Schlingemann | René Stulz | Chad J. Zutter
22 January 2018

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 purchasersof $3.6 trillion of equity (in 2015 dollars) rather than net issuers....

Craig Doidge | Kathleen Kahle | Andrew Karolyi | René Stulz
16 March 2020

Digital Transformation in the Hedge Fund and Private Equity Industry

The digital transformation is disrupting the financial sector. Venture capital, private equity and hedge funds are also affected. We see more and more firms implement emerging technologies in their investment process. There are...

Omololu Bajulaiye | Mark Fenwick | Ivona Skultetyova | Erik Vermeulen