Bernstein, ShaiLerner, JoshuaMezzanotti, Filippo2017-09-082017-09-08Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Financial Fragility during the Crisis." Harvard Business School Working Paper, No. 18-005, July 2017.http://nrs.harvard.edu/urn-3:HUL.InstRepos:33840637Do 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.en-USResearch Paper or Report2017-09-08