Private Equity and Financial Stability: Evidence from Failed‐Bank Resolution in the Crisis
利用联邦存款保险公司失败银行收购数据，研究私募股权在2008年金融危机后收购失败银行的作用，发现其投资改善了银行绩效并对当地经济有积极影响。
ABSTRACT This paper investigates the role of private equity (PE) in failed‐bank resolutions after the 2008 financial crisis, using proprietary Federal Deposit Insurance Corporation failed‐bank acquisition data. PE investors made substantial investments in underperforming and riskier failed banks, particularly in geographies where local banks were also distressed, filling the gap created by a weak, undercapitalized banking sector. Using a quasi‐random empirical design based on detailed bidding information, we show that PE‐acquired banks performed better ex post, with positive real effects for the local economy. Overall, PE investors played a positive role in stabilizing the financial system through their involvement in failed‐bank resolution.