| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14623 |
| 来源ID | Working Paper 14623 |
| Private Equity and Long-Run Investment: The Case of Innovation | |
| Josh Lerner; Morten Sørensen; Per Strömberg | |
| 发表日期 | 2008-12-31 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | A long-standing controversy is whether LBOs relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as measured by patenting activity. We find no evidence that LBOs are associated with a decrease in these activities. Relying on standard measures of patent quality, we find that patents granted to firms involved in private equity transactions are more cited (a proxy for economic importance), show no significant shifts in the fundamental nature of the research, and are more concentrated in the most important and prominent areas of companies' innovative portfolios. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w14623 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572299 |
| 推荐引用方式 GB/T 7714 | Josh Lerner,Morten Sørensen,Per Strömberg. Private Equity and Long-Run Investment: The Case of Innovation. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14623.pdf（259KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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