TY  - JOUR
AU  - Bernstein,Shai
AU  - Lerner,Josh
AU  - Sørensen,Morten
AU  - Strömberg,Per
TI  - Private Equity and Industry Performance
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 15632
PY  - 2010
Y2  - January 2010
UR  - http://www.nber.org/papers/w15632
L1  - http://www.nber.org/papers/w15632.pdf
N1  - Author contact info:
Shai Bernstein
Stanford University
E-Mail: shaib@gsb.stanford.edu

Josh Lerner
Harvard Business School
Rock Center 214
Boston, MA 02163
Tel: 617/495-6065
Fax: 617/496-7357
E-Mail: jlerner@hbs.edu

Morten Sorensen
Columbia University
Columbia Business School
Uris Hall 802
3022 Broadway
New York, NY  10027
Tel: 212/851-2446
E-Mail: ms3814@columbia.edu

Per Stromberg
Institute for Financial Research (SIFR)
Drottninggatan 89
SE-113 60 Stockholm
Sweden
Tel: +46 8 728-5128
Fax: +46 8 728 5130
E-Mail: per.stromberg@sifr.org
AB  - The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. There are few significant differences between industries with limited and high private equity activity. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. These patterns are not driven solely by common law nations such as the United Kingdom and United States, but also hold in Continental Europe.
ER  -