Barbarians at the Store? Private Equity, Products, and Consumers
利用大量消费品价格和销售数据，研究发现私募股权收购后目标公司零售额增长50%，主要来自新品推出和地理扩张，而非提价；竞争对手则减少产品种类并小幅提价。
ABSTRACT We investigate the effects of private equity firms on product markets using price and sales data for an extensive number of consumer products. Following a private equity deal, target firms increase retail sales of their products 50% more than matched control firms. Price increases—roughly 1% on existing products—do not drive this growth; the launch of new products and geographic expansion do. Competitors reduce their product offerings and marginally raise prices. Cross‐sectional results on target firms, private equity firms, the economic environment, and product categories suggest that private equity generates growth by easing financial constraints and providing managerial expertise.