Abstract

http://ssrn.com/abstract=1524829
 
 

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Private Equity and Industry Performance


Shai Bernstein


Stanford Graduate School of Business

Josh Lerner


Harvard Business School - Finance Unit; Harvard University - Entrepreneurial Management Unit; National Bureau of Economic Research (NBER)

Morten Sorensen


Columbia Business School; National Bureau of Economic Research (NBER); Swedish Institute for Financial Research (SIFR)

Per Strömberg


Swedish House of Finance

March 15, 2010

Harvard Business School Entrepreneurial Management Working Paper No. 10-045
AFA 2011 Denver Meetings Paper

Abstract:     
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where private equity funds have invested in the past five years have grown more quickly in terms of productivity and employment. There are few significant differences between industries with limited and high private equity activity. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. Robustness tests suggest that the results are not driven by reverse causality. These patterns are not driven solely by common law nations such as the United Kingdom and United States, but also hold in Continental Europe.

Number of Pages in PDF File: 49

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Date posted: December 18, 2009 ; Last revised: August 29, 2011

Suggested Citation

Bernstein, Shai and Lerner, Josh and Sorensen, Morten and Strömberg, Per, Private Equity and Industry Performance (March 15, 2010). Harvard Business School Entrepreneurial Management Working Paper No. 10-045; AFA 2011 Denver Meetings Paper. Available at SSRN: http://ssrn.com/abstract=1524829 or http://dx.doi.org/10.2139/ssrn.1524829

Contact Information

Shai Bernstein (Contact Author)
Stanford Graduate School of Business ( email )
518 Memorial Way
Stanford, CA 94305-5015
United States
Josh Lerner
Harvard Business School - Finance Unit ( email )
Boston, MA 02163
United States
617-495-6065 (Phone)
617-496-7357 (Fax)
HOME PAGE: http://www.people.hbs.edu/jlerner/
Harvard University - Entrepreneurial Management Unit
Cambridge, MA 02163
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Morten Sorensen
Columbia Business School ( email )
3022 Broadway
New York, NY 10027
United States

National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Swedish Institute for Financial Research (SIFR)
Drottninggatan 89
SE-113 59 Stockholm, SE-113 60
Sweden
Per Stromberg
Swedish House of Finance ( email )
Drottninggatan 98
111 60 Stockholm
Sweden

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