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Venture capital and other private equity : a survey

Metrick, Andrew; Yasuda, Ayako - 2010

"We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i)...

Persistent link: https://www.econbiz.de/10008806638

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 … investors by improving the operations of the firms they acquire and exiting them for a profit. Buyout funds have grown … companies. The paper provides up to date statistics on all aspects of the buyout industry. Finally, we present a summary of the …

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

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

The Economic Effects of Private Equity Buyouts

Davis, Steven J. - 2019

, depending on buyout type and external conditions. Employment at target firms shrinks 13% over two years in buyouts of publicly …. Labor productivity rises 8% at targets over two years post buyout (again, relative to controls), with large gains for both … credit conditions. A post-buyout widening of credit spreads or slowdown in GDP growth lowers employment growth at targets and …

Persistent link: https://www.econbiz.de/10012480316

Valuing Private Equity Strip by Strip

Gupta, Arpit - 2019

apply the method to buyout, venture capital, real estate, and infrastructure funds, among others. Accounting for horizon …

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

When Investor Incentives and Consumer Interests Diverge : Private Equity in Higher Education

Eaton, Charlie - 2018

This paper studies how private equity buyouts create value in higher education, a sector with opaque product quality and intense government subsidy. With novel data on 88 private equity deals involving 994 schools, we show that buyouts lead to higher tuition and per-student debt. Exploiting loan...

Persistent link: https://www.econbiz.de/10012480629

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