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Private Equity and Long-Run Investment: The Case of Innovation

The Journal of finance (New York), 2011-04, Vol.66 (2), p.445-477 [Peer Reviewed Journal]

2011 The American Finance Association ;2011 the American Finance Association ;Copyright Blackwell Publishers Inc. Apr 2011 ;ISSN: 0022-1082 ;ISSN: 1540-6261 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2010.01639.x ;CODEN: JLFIAN

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Title:
Private Equity and Long-Run Investment: The Case of Innovation
Author: LERNER, JOSH ; SORENSEN, MORTEN ; STRÖMBERG, PER
Subjects: Business innovation ; Business strategies ; Business structures ; Buyouts ; Certificates of deposit ; Corporate finance ; Financial investments ; Financial management ; Innovations ; Investment portfolios ; Investments ; LBO ; Leveraged buyouts ; Long term ; Management buyout ; Management science ; Patent applications ; Portfolio management ; Private equity ; Research and development ; Studies ; Technological innovation
Is Part Of: The Journal of finance (New York), 2011-04, Vol.66 (2), p.445-477
Description: A long-standing controversy is whether leveraged buyouts (LBOs) relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves sacrifice long-term growth to boost short-term performance. We examine one form of long-run activity, namely, investments in innovation as measured by patenting activity. Based on 472 LBO transactions, we find no evidence that LBOs sacrifice long-term investments. LBO firm patents are more cited (a proxy for economic importance), show no shifts in the fundamental nature of the research, and become more concentrated in important areas of companies' innovative portfolios.
Publisher: Malden, USA: Blackwell Publishing Inc
Language: English
Identifier: ISSN: 0022-1082
ISSN: 1540-6261
EISSN: 1540-6261
DOI: 10.1111/j.1540-6261.2010.01639.x
CODEN: JLFIAN
Source: Alma/SFX Local Collection

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Private Equity and Long-Run Investment: The Case of Innovation

2011 The American Finance Association ;2011 the American Finance Association ;Copyright Blackwell Publishers Inc. Apr 2011 ;ISSN: 0022-1082 ;ISSN: 1540-6261 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2010.01639.x ;CODEN: JLFIAN

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