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Gupta, Arpit - 2019

We propose a new valuation method for private equity investments. First, we construct a cash-flow replicating portfolio for the private investment, applying Machine Learning techniques on cash-flows on various listed equity and fixed income instruments. The second step values the replicating...

Persistent link: https://www.econbiz.de/10012480458

All Clear for Takeoff : Evidence from Airports on the Effects of Infrastructure Privatization

Howell, Sabrina T.; Jang, Yeejin; Kim, Hyeik; Weisbach, … - National Bureau of Economic Research - 2022

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners … rather than operational changes. Overall, we find little evidence that privatization alone increases airport performance …; instead, infrastructure funds improve performance both in privatization and subsequent acquisitions from non-PE private firms …

Persistent link: https://www.econbiz.de/10013435106

Barbarians at the Store? Private Equity, Products, and Consumers

Fracassi, Cesare - 2020

We investigate the effects of private equity on product markets using price and sales data for an extensive number of consumer products. Following a buyout, target firms increase sales 50% more than matched control firms. Price increases--roughly 1% on existing products--do not drive this...

Persistent link: https://www.econbiz.de/10012481630

Pay Now or Pay Later? : The Economics within the Private Equity Partnership

Ivashina, Victoria - 2016

The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships, and show that (a) the allocation of fund...

Persistent link: https://www.econbiz.de/10012456020

Privatizing social security

Feldstein, Martin S. (contributor); Feldstein, Martin S. (ed.) - 1998

Persistent link: https://www.econbiz.de/10000645265

Local Journalism under Private Equity Ownership

Ewens, Michael; Gupta, Arpit; Howell, Sabrina T. - National Bureau of Economic Research - 2022

Local daily newspapers historically played an important role in U.S. democracy by providing citizens with information about local policy issues. In recent decades, local newspapers have struggled to compete with new online platforms. In the first study of private equity (PE) in a struggling...

Persistent link: https://www.econbiz.de/10012938712

Discount Rate Risk in Private Equity : Evidence from Secondary Market Transactions

Boyer, Brian H.; Nadauld, Taylor D.; Vorkink, Keith; … - National Bureau of Economic Research - 2021

Standard measures of private equity performance based on cash flows overlook discount rate risk. An index constructed from prices paid in secondary market transactions indicates that private equity discount rates vary considerably. While the standard alpha for our index is zero, measures of...

Persistent link: https://www.econbiz.de/10012510569

Buyouts : A Primer

Jenkinson, Tim; Kim, Hyeik; Weisbach, Michael S. - National Bureau of Economic Research - 2021

This paper provides an introduction to buyouts and the academic literature about them. Buyouts are initiated by "buyout funds", which are limited partnerships raised from mostly institutional investors. The funds earn returns for their investors by improving the operations of the firms they...

Persistent link: https://www.econbiz.de/10012696411

Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Ewens, Michael; Farre-Mensa, Joan - National Bureau of Economic Research - 2021

The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...

Persistent link: https://www.econbiz.de/10012794560

Can Investors Time Their Exposure to Private Equity?

Brown, Gregory - 2020

Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that...

Persistent link: https://www.econbiz.de/10012479279

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