Leveraged Buyouts and Private Equity
We describe and present time series evidence on the leveraged buyout / private equity industry, both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.
This research has been supported by the Kauffman Foundation, by the Lynde and Harry Bradley Foundation and the Olin Foundation through grants to the Stigler Center for the Study of the Economy and the State, and by the Center for Research in Security Prices. We thank Jim Hines, Antoinette Schoar, Andrei Shleifer, Jeremy Stein, Tim Taylor, and Mike Wright for very helpful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.
Steven N. Kaplan & Per Stromberg, 2009. "Leveraged Buyouts and Private Equity," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 121-46, Winter. citation courtesy of