Spillovers of PE investments
研究了1985至2016年间美国上市公司私有化杠杆收购对同行业其他公司业绩和战略的影响，发现存在学习效应，但未发现同行因目标公司竞争力提升而受损。
Abstract We investigate a potential primary effect of leveraged buyouts (LBOs) by private equity (PE) on peers in the same industry using data on US public‐to‐private LBO transactions between 1985 and 2016. We use a network‐based instrumental variable approach to account for potential endogeneity concerns. Our findings indicate that the LBOs by PEs matter for peer firms' performance and corporate strategy relative to nonpeer firms. Our study supports a learning factor hypothesis, but we find no evidence to support the conjecture that peers lose due to the increased competitiveness of the LBO target.