The performance of private equity funds as reported by industry associations and previous
research is overstated. A large part of performance is driven by inflated accounting valuation …

Using deal-level data from transactions initiated by large private equity houses, we find that
the abnormal performance of deals is positive on average, after controlling for leverage and …

This paper articulates a theory of the conditions under which the alignment between
individual and collective interests generates sustainable competitive advantage. The theory is …

… Oliver Gottschalg would like to gratefully acknowledge financial support from the R&D
Department at INSEAD and the INSEAD Gesellschaft Scholarship for the development of this …

We document the wide dispersion of private equity investment returns and examine performance
determinants using a newly constructed database of 7,500 investments worldwide. One …

We study the impact of ownership on firm performance in an unexplored governance context:
private equity ( PE ) firms and the buyouts in which they invest. We employ a multiple‐…

This paper advances the debate concerning the relationship between politics and business
conduct by investigating the influence of the institutional context on leveraged buyout …

Using a novel and comprehensive database on the performance of US and EU private equity
(PE) funds and their underlying investments, we find that the performance of PE funds is …

We examine the determinants of private equity returns using a newly constructed database
of 7,500investments worldwide over forty years. The median investment IRR (PME) is 21% (…

This paper addresses the problem to assess the effect of leverage on the cost of capital for
buyout performance analyses. It draws on a unique and proprietary set of data on 133 US …