Private Equity and Financial Fragility during the Crisis

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Private Equity and Financial Fragility during the Crisis

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Title: Private Equity and Financial Fragility during the Crisis
Author: Bernstein, Shai; Lerner, Joshua; Mezzanotti, Filippo

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Citation: Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Financial Fragility during the Crisis." Harvard Business School Working Paper, No. 18-005, July 2017.
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Abstract: Do private equity firms contribute to financial fragility during economic crises? We find that during the 2008 financial crisis, PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are stronger among financially constrained companies and those whose private equity investors had more resources at the onset of the crisis. PE-backed companies consequentially experienced higher asset growth and increased market share during the crisis.
Terms of Use: This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#OAP
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:33840637
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