Private Equity and Industry Performance

被引：48

作者：

Bernstein, Shai ^{[1
,3
]}

Lerner, Josh ^{[2
,3
]}

Sorensen, Morten ^{[4
,5
,8
]}

Stromberg, Per ^{[6
,7
,8
]}

机构：

[1] Stanford Univ, Stanford, CA 94305 USA

[2] Harvard Sch Business, Boston, MA 02163 USA

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

[4] Copenhagen Business Sch, DK-2000 Frederiksberg, Denmark

[5] Columbia Business Sch, New York, NY 10027 USA

[6] Stockholm Sch Econ, SE-11383 Stockholm, Sweden

[7] Inst Financial Res, SE-11160 Stockholm, Sweden

[8] Ctr Econ Policy Res, London EC1V 0DX, England

来源：

MANAGEMENT SCIENCE | 2017年 / 63卷 / 04期

关键词：

private equity; industry growth; cross-country analysis; production; employment; BUYOUTS;

D O I：

10.1287/mnsc.2015.2404

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

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.

引用

页码：1198 / 1213

页数：16

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