Managerial Incentives and Value Creation: Evidence from Private Equity
---- Acknowledgements ----
We thank Ben Beder, Marco Beltran, Christopher Jung, William Vijverberg, and Alex Wong for research assistance, and thanks to Bengt Holmstrom and Steve Kaplan for helpful feedback. We are also very grateful to a number of executives at private equity firms for giving us insights into their business practices. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.