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What Do Private Equity Firms Say They Do?

Gompers, Paul Alan; Kaplan, Steven N.; Mukharlyamov, … - National Bureau of Economic Research (NBER) - 2015

We survey 79 private equity investors with combined AUM of over $750B about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on IRR and multiples to evaluate investments. Their LPs focus more on absolute performance. Capital structure...

Persistent link: https://www.econbiz.de/10011272305

The Market for CEOs : Evidence from Private Equity

Gompers, Paul A.; Kaplan, Steven N.; Mukharlyamov, Vladimir - National Bureau of Economic Research - 2023

Most research on the CEO labor market studies public company CEOs while largely ignoring CEOs in private equity (PE) funded companies. We fill this gap by studying the market for CEOs among U.S. companies purchased by PE firms in large leveraged buyout transactions. 71% of those companies hired...

Persistent link: https://www.econbiz.de/10013537791

The State of U.S. Corporate Governance: What's Right and What's Wrong?

Holmstrom, Bengt; Kaplan, Steven N. - National Bureau of Economic Research (NBER) - 2003

The U.S. corporate governance system has recently been heavily criticized, largely as a result of failures at Enron … bad? Second, will the changes lead to an improved U.S. corporate governance system? We first note that the broad evidence … broad indices since the scandals broke. Our interpretation of the evidence is that while parts of the U.S. corporate …

Persistent link: https://www.econbiz.de/10005714318

How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs

Kaplan, Steven N.; Minton, Bernadette - National Bureau of Economic Research (NBER) - 2006

sample period, nor over the two sub-periods. We discuss the implications of these findings for various issues in corporate …

Persistent link: https://www.econbiz.de/10005714710

Which CEO Characteristics and Abilities Matter?

Kaplan, Steven N.; Klebanov, Mark M.; Sorensen, Morten - National Bureau of Economic Research (NBER) - 2008

We study the characteristics and abilities of CEO candidates for companies involved in buyout (LBO) and venture capital (VC) transactions and relate them to hiring decisions, investment decisions, and company performance. Candidates are assessed on more than thirty individual abilities. The...

Persistent link: https://www.econbiz.de/10005718282

What Are Firms? Evolution from Birth to Public Companies

Stromberg, Per; Kaplan, Steven N.; Sensoy, Berk A. - National Bureau of Economic Research (NBER) - 2005

We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human...

Persistent link: https://www.econbiz.de/10005829015

Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s

Holmstrom, Bengt; Kaplan, Steven N. - National Bureau of Economic Research (NBER) - 2001

This paper describes and considers explanations for changes in corporate governance and merger activity in the United … States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence … in the second half of the decade, while LBOs and hostility did not. Instead, internal corporate governance mechanisms …

Persistent link: https://www.econbiz.de/10005830801

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?

Kaplan, Steven N.; Rauh, Joshua - National Bureau of Economic Research (NBER) - 2007

funds, and mutual funds (Wall Street); corporate lawyers; and professional athletes and celebrities. Non-financial public …

Persistent link: https://www.econbiz.de/10005777758

Leveraged Buyouts and Private Equity

Stromberg, Per; Kaplan, Steven N. - National Bureau of Economic Research (NBER) - 2008

We describe and present time series evidence on the leveraged buyout / private equity industry, both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave...

Persistent link: https://www.econbiz.de/10005778796

Have CEOs Changed?

Decressin, Yann; Kaplan, Steven N.; Sørensen, Morten - National Bureau of Economic Research - 2024

Using more than 4,900 assessments, we study changes in the characteristics and objectives of CEOs and top executives since 2001. The same four factors explain roughly half of the variation of assessed CEO characteristics in this larger sample of executive assessments as in Kaplan and Sorensen...

Persistent link: https://www.econbiz.de/10015056180