Private Equity Buyouts - Publications - Faculty & Research

11 Oct 2006
Research & Ideas

The Success of Reverse Leveraged Buyouts

years, the buyout team sells its stakes in these firms. "This exit can be accomplished through a sale to a strategic buyer, such as a corporation, or to another private View Details

Keywords: by Sean Silverthorne; Banking; Financial Services

2022
Article

The Effects of Public and Private Equity Markets on Firm Behavior

By: Shai Bernstein

In this article, I review the theoretical and empirical literature on the effects of public and private equity markets on firm behavior, emphasizing the consequences that emerge from disclosure requirements, ownership concentration, and degree of firm standardization.... View Details

Keywords: Corporate Finance And Governance; Financing Policy; Commercialization; Capital Markets; Private Equity; Public Equity; Venture Capital; Innovation and Invention; Cost of Capital

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11 Mar 2008
News

Ahead of the Bell: Private Equity Firms

15 Feb 2016
Working Paper Summaries

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

Keywords: by Erik Stafford; Banking; Financial Services

2025
Working Paper

Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation

By: Kyle Herkenhoff, Josh Lerner, Gordon M. Phillips, Francisca Rebelo and Benjamin Sampson

We measure the real effects of private equity buyouts on worker outcomes by building a new database that links transactions to matched employer-employee data in the United States. To guide our empirical analysis, we derive testable implications from three theories in... View Details

Keywords: Monopsony; Market Power; Productivity; Private Equity; Employment; Wages; Employees

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Spring 2016
Article

Risk Neglect in Equity Markets

By: Malcolm Baker

The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the returns on low-risk stocks, during a period when the equity market... View Details

Keywords: Asset Allocation; Equity Investment; Behavioral Finance; Private Equity

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Real Estate Private Equity - Course Catalog

HBS Course Catalog Real Estate Private Equity Course Number 1484 Senior Lecturer Nori Gerardo Lietz Spring; Q3Q4; 3.0 credits 27 Sessions Project Career Focus This course is intended for any student... View Details

2017
Working Paper

The Benefits of Selective Disclosure: Evidence from Private Firms

By: Joan Farre-Mensa

Private firms’ ability to communicate confidentially with selected investors implies that valuation disagreements between firms and investors are larger at public firms than at private ones. Consistent with the notion that misvaluation concerns lead public firms to... View Details

Keywords: Finance; Equity; Private Companies; Corporate Cash; Precautionary Motives; Share Issuance; IPOs; Selective Disclosure; Private Ownership; Cash; Market Timing; Corporate Finance; Public Ownership; Corporate Disclosure; United States

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Secondary Buyouts

desired. Use Capital IQ to conduct a more comprehensive search for secondary buyouts in both private and public entities. Hover over the Screening tab and select Transactions.... View Details

June 2014 (Revised May 2017)
Case

Southeastern Asset Management Challenges Buyout at Dell

By: Paul Healy, Suraj Srinivasan and Aldo Sesia

In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going... View Details

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14 Jun 2020
News

Private equity barons grow rich on $230bn of performance fees

07 Feb 2010
News

Private equity firms brace for tax battle

03 May 2016
Working Paper Summaries

Pay Now or Pay Later? The Economics within the Private Equity Partnership

Keywords: by Victoria Ivashina and Josh Lerner; Banking; Financial Services

December 2016
Case

Paine & Partners: Private Equity in Agriculture

By: David E. Bell

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September 2004
Teaching Note

Montagu Private Equity (A) and (B) TN

By: Josh Lerner, G. Felda Hardymon and Ann Leamon

Teaching Note to (9-804-051) and (9-804-151). View Details

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13 Oct 2008
News

Private equity gets a lifeline for research

March 2025
Article

Do Public Financial Statements Influence Private Equity and Venture Capital Financing?

By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi

We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details

Keywords: Business Economics; Search Costs; Accounting; Venture Capital; Governance; Private Equity; Financial Statements

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January 2022
Article

Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity

By: Josh Lerner, Jason Mao, Antoinette Schoar and Nan R. Zhang

This paper uses previously unexplored custodial data to examine the use of alternative investment vehicles in private equity (PE) over four decades. We document a steep increase in the capital directed to alternative vehicles, with these vehicles approaching a 40%... View Details

Keywords: Alternative Investment Vehicles; Investment Funds; Private Equity; Venture Capital; Performance

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