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Newsletter
Navigating the new world of private equity - a conference summary
The Federal Reserve System's Private Equity Merchant Banking Knowledge Center, formed at the Chicago Fed in 2000 shortly after the passage of the Gramm?Leach?Bliley Act, sponsors an annual conference on new industry developments. This article summarizes the 2008 conference held on July 9 - 10.
Newsletter
When worlds collide: the altered state of private equity - a conference summary
The Federal Reserve System?s Private Equity Merchant Banking Knowledge Center, formed at the Chicago Fed in 2000 after the passage of the Gramm-Leach-Bliley Act, sponsors an annual conference on new industry developments. This article summarizes the ninth annual conference, held on June 25-26, 2009.
Newsletter
Understanding the new world order of private equity
The Federal Reserve System?s Private Equity Merchant Banking Knowledge Center, formed at the Chicago Fed in 2000 after the passage of the Gramm?Leach?Bliley Act, sponsors an annual conference on new industry developments. This article summarizes the tenth annual conference, The New World Order of Private Equity, held on July 21?22, 2010.
Working Paper
Pre-LBO Credit Market Conditions and Post-LBO Target Behavior
In the context of leveraged buyouts (LBOs), this paper empirically studies the relation between pre-buyout credit market conditions and the post-buyout behavior of target companies, employing a supervisory dataset to overcome limited data availability for post-buyout target financial information. We propose an LBO-specific measure of (changes of) credit market conditions---the short-term (6-month) change of credit spreads leading up to buyout close. Using this proposed measure, we show that loosening pre-LBO credit market conditions, which are related to higher buyout leverage consistent with ...
Working Paper
Private equity premium in a general equilibrium model of uninsurable investment risk
This paper studies the quantitative properties of a general equilibrium model where a continuum of heterogeneous entrepreneurs are subject to aggregate as well as idiosyncratic risks in the presence of a borrowing constraint. The calibrated model matches the highly skewed wealth and income distributions of entrepreneurs. The authors provide an accurate solution to the model despite the significant nonlinearities that are absent in the economy with uninsurable labor income risk. The model is capable of generating the average private equity premium of roughly 3 percent and a low risk-free rate. ...