The New World of Private Equity Conference - Summary of Papers

Session 1: Private equity waves, leverage, and investment behavior Do Buyouts (Still) Create Value? JSHOURUN GUO and EDIE HOTCHKISS, Boston College; WEIHONG SONG, University of Cincinnati Leverage and Pricing in Buyouts: An Empirical Analysis ULF AXELSON, Stockholm Institute for Financial Research; TIM JENKINSON, Oxford University; PER STROMBERG, Stockholm Institute for Financial Research and NBER; MICHAEL WEISBACH, University of Illinois at Urbana-Champaign and NBER The Investment Behavior of Buyout Funds: Theory and Evidence ALEXANDER LJUNGQVIST, New York University; MATTHEW RICHARDSON and DANIEL WOLFENZON, New York University and NBER Session 2: Returns to private equity funds Measuring The Risk Adjusted Performance of US Buyouts ALEXANDER PETER GROH, University of Navarra; OLIVER GOTTSCHALG, HEC School of Management A new method to estimate risk and return of non-traded assets from aggregate cash flows: The case of private equity funds JOOST DRIESSEN, TSE-CHUN LIN and LUDOVIC PHALIPPOU, University of Amsterdam Session 3: Effects on private-equity backed firms Earnings Management and Conservatism: The Role of Private Equity Sponsors SHARON P. KATZ, Harvard University Private Equity and Employment STEVEN DAVIS, University of Chicago and NBER; JOHN HALTIWANGER, University of Maryland and NBER; RON JARMIN, Bureau of the Census; JOSH LERNER, Harvard University and NBER; JAVIER MIRANDA, Bureau of the Census Session 4: Managers, boards, and incentives Which CEO Characteristics and Abilities Matter? STEVE KAPLAN, University of Chicago and NBER; MARK KLEBANOV and MORTEN SORENSEN, University of Chicago Board Interlocks and the Propensity to be Targeted in Private Equity Transactions SOOJIN YIM and TOBY STUART, Harvard University Managerial Incentives and Strategic Change: Evidence from Private Equity PHILLIP LESLIE and PAUL OYER, Stanford University and NBER