Private Equity and Long‐Run Investment: The Case of Innovation
基于472个杠杆收购交易，研究发现被收购公司的专利引用更多、研究性质未变且更集中于重要领域，表明杠杆收购并未牺牲长期创新投资。
ABSTRACT 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.