Private Equity, Jobs, and Productivity

Steven J. Davis, John C. Haltiwanger, Kyle Handley, Ron S. Jarmin, Josh Lerner, Javier Miranda

NBER Working Paper No. 19458
Issued in September 2013

---- Acknowledgments ----

We thank Chris Allen, Paul Bailey, Ronald Davis, and Sarah Woolverton for research assistance and Per Stromberg for data on the classification of private equity transactions. Francesca Cornelli, Per Stromberg, three anonymous referees, several practitioners, and numerous participants in conferences and research seminars provided many helpful comments. The World Economic Forum, Kauffman Foundation, Harvard Business School's Division of Research, Initiative on Global Markets at the University of Chicago Booth School of Business, and the US Census Bureau provided generous financial support for this research. One of the authors has advised institutional investors in private equity funds, private equity groups, and governments designing policies relevant to private equity. The analysis and results herein are attributable to the authors and do not necessarily reflect concurrence by the US Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. All errors and omissions are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Javier Miranda ----

In compliance with the requirement of the Journal’s disclosure policy, I would like to state that I, Javier Miranda, am an employee of the U.S. Census Bureau. I have received no direct financial support from any organization but I am one of the Principal Investigators on the grant from the Kauffman Foundation that we note in the acknowledgements section. The support from the Kauffman Foundation is directly related to this research as they have supported the development of the data infrastructure used in this paper as well as research analysis related to the topics in this paper. We are also using proprietary data in this paper housed at the U.S. Bureau of the Census. As we note in the acknowledgements section “All results have been reviewed to ensure that no confidential information is disclosed.”

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