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Private Equity and Industry PerformanceShai BernsteinStanford Graduate School of Business Josh LernerHarvard Business School - Finance Unit; Harvard University - Entrepreneurial Management Unit; National Bureau of Economic Research (NBER) Morten SorensenColumbia Business School; National Bureau of Economic Research (NBER); Swedish Institute for Financial Research (SIFR) Per StrömbergStockholm School of Economics; University of Chicago - Booth School of Business; Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER); Stockholm School of Economics - Department 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 working papers seriesDate posted: December 18, 2009 ; Last revised: August 29, 2011Suggested CitationContact Information
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