We disentangle the effects of treatment, selection, and financial engineering on investor
returns in private equity deals using a narrative approach for identification. Exploiting …

In recent years, local media in the US have faced increasing economic precarity, and many
newspapers have been purchased by hedge funds and private equity firms. How do …

We show that private equity leveraged buyouts reduce perceived job quality despite not
impacting average base pay. This appears to reflect employees bearing more risk. Both job …

Infrastructure assets have undergone substantial privatization around the world in recent
decades. How do these assets perform post-privatization? This paper examines global …

We examine the survival, profitability, and employment profiles of hospitals acquired by PE
firms. Target hospitals do not experience higher closure rates, but become more profitable …

I study investment allocations of US public pensions in private equity, and trace their
investments to the ultimate micro assets--the target firms which private equity funds invest in …

Capitalism is a powerful engine that requires finance. Private equity is part of the neoliberal
transformation of capitalism that has failed the average citizen and unleashed a tsunami of …

Abstract Using the Shared National Credit supervisory data, we find Private Equity (PE)
sponsored firms violate loan covenants more often than comparable non-PE firms. However …

Private equity (PE) funds are increasingly important to the economy and now serve as the
primary vehicle for raising new capital. However, a limited understanding of the unique PE …

Detractors have warned that Private Equity (PE) funds tend to over-lever their portfolio
companies because of an option-like payoff, building up default risk and debt overhang. This …