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Private Equity and the Innovation Strategies of Entrepreneurial Firms : Empirical Evidence from the Small Business Innovation Research Program
Link, Albert N. - 2012
There is great interest in evaluating the impact of private equity investments on innovation and economic growth …. However, there is no direct empirical evidence on the effects of such transactions on the innovation strategies of … Business Innovation Research (SBIR) program research awards. We find that SBIR firms attracting private equity investments are …
Persistent link: https://www.econbiz.de/10012460364
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Private Equity and Long-Run Investment : The Case of Innovation
Lerner, Josh - 2008
-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as …
Persistent link: https://www.econbiz.de/10012464024
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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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Why are Buyouts Levered : The Financial Structure of Private Equity Funds
Axelson, Ulf - 2007
This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...
Persistent link: https://www.econbiz.de/10012465831
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A survey of venture capital research
Da Rin, Marco - 2011
examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment …
Persistent link: https://www.econbiz.de/10012461134
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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
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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
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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
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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
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The Deregulation of the Private Equity Markets and the Decline in IPOs
Ewens, Michael - 2019
The deregulation of securities laws|in particular the National Securities Markets Improvement Act (NSMIA) of 1996|has increased the supply of private capital to late-stage private startups, which are now able to grow to a size that few private firms used to reach. NSMIA is one of a number of...
Persistent link: https://www.econbiz.de/10012480262