| 000 | 02551cam a22003617 4500 | ||
|---|---|---|---|
| 001 | w14623 | ||
| 003 | NBER | ||
| 005 | 20211020111613.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2008 mau fo 000 0 eng d | ||
| 100 | 1 |
_aLerner, Josh. _915166 |
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| 245 | 1 | 0 |
_aPrivate Equity and Long-Run Investment: _bThe Case of Innovation / _cJosh Lerner, Morten Sørensen, Per Strömberg. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c2008. |
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| 300 |
_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w14623 |
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| 500 | _aDecember 2008. | ||
| 520 | 3 | _aA 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. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aG24 - Investment Banking • Venture Capital • Brokerage • Ratings and Ratings Agencies _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill _2Journal of Economic Literature class. |
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| 690 | 7 |
_aO31 - Innovation and Invention: Processes and Incentives _2Journal of Economic Literature class. |
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| 700 | 1 | _aSørensen, Morten. | |
| 700 | 1 | _aStrömberg, Per. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w14623. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w14623 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w14623 |
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| 942 |
_2ddc _cW-PAPER |
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| 999 |
_c333498 _d292060 |
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