Preface...............................................................................iii
Letter on behalf of the Advisory Board................................ v
Executive summary...........................................................vii
LARGE-SAMPLE STUDIES
The new demography of private equity...........................3
Abstract.............................................................................3
1. Data..............................................................................5
2. The evolution of the buyout market................................7
3. Analysis of LBO exits.....................................................8
4. Analysis of LBO holding periods..................................10
5. Conclusion..................................................................12
References.......................................................................26
Private equity and long-run investment:
the case of innovation....................................................27
1. Introduction..................................................................27
2. The sample...................................................................28
3. Methodology................................................................30
4. Analysis........................................................................31
5. Conclusions..................................................................35
References.......................................................................42
Private equity and employment.....................................43
1. Introduction..................................................................43
2. Previous literature.........................................................45
3. The sample...................................................................46
4. Methodology................................................................47
5. Analysis........................................................................49
6. Conclusions and future areas of investigation...............54
References.......................................................................64
Private equity and corporate governance: do LBOs
have more effective boards?.........................................65
1. Introduction..................................................................65
2. Description of the data.................................................67
3. Changes in the board following an LBO or MBO ..........68
4. Evolution of the board following an LBO.......................73
5. Conclusions..................................................................74
References ......................................................................84