Davis, Haltiwanger, Handley, Lerner, Lipsius, and Miranda (2021) continue to produce ex- tensions to the Davis, Haltiwanger, Handley, Jarmin, Lerner, and Miranda (2014) collection without addressing the critical research design issues raised in Ayash and Rastad (2017), Ayash and Rastad (2018)...

Davis, Haltiwanger, Handley, Lerner, Lipsius, and Miranda (2019) produce an extension to the Davis et al. collection without addressing the critical research design issues raised in Ayash and Rastad (2017) and Ayash and Rastad (2018). First and foremost, the authors misrepresent their sample as...

The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever...

Over the past half century, private equity has grown from a tiny part of the financial sector into a powerful industry, often controlling global brands. As the industry has grown, so too has academic interest in the sector. However, the vast majority of empirical research has focused on the...

This paper investigates the effects of going public on innovation by comparing the innovative activity of firms that went public with firms that withdrew their IPO filing and remained private. NASDAQ fluctuations during the book-building phase are used as an instrument for IPO completion. Using...

Infrastructure assets have undergone substantial privatization around the world in recent decades. How do these assets perform post-privatization? This paper examines global airports. Our central finding is that the type of ownership matters: Volume, efficiency, and quality improve substantially...

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners target and manage these assets? And does the contract form--control rights (concession) vs. outright ownership (sale)--matter? We explore these questions in the context of global...

This paper examines how private equity buyouts affect export activity among target firms around the Brexit period. Using data on UK firms for 2012-2019 and difference-in-differences estimations for matched target versus non-target firms, we assess how the unprecedented Leave vote affects...

We consider an endogenous growth model with Blanchard-Yaari-type overlapping generations that is built around four sectors: final and intermediate goods production, an R&D sector and a health care sector. Health care serves to lower mortality and morbidity, the latter being related to...

Over the past two decades, hedge fund activism has emerged as a new mechanism of corporate governance that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced that the entire American economy will suffer...