Showing results 1 - 6 of 6
| Josh Lerner
June 15, 2020, Paper, "We identify novel technologies using textual analysis of earnings conference calls, newspapers, announcements, and patents. Our approach enables us to document the rollout of 20 new technologies across firms and labor markets in the U.S. Four stylized facts emerge from our data. First, as technologies develop, the number of new positions related to them grows, but the average education requirements and wage levels of the…
| Josh Lerner
The Economic Effects of Private Equity Buyouts. Josh Lerner, October 14, 2019, Paper, "We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. Employment at target firms shrinks 13% over two years in buyouts of…
| Josh Lerner | Victoria Ivashina
Looking for Alternatives: Pension Investments around the World, 2008 to 2017. Victoria Ivashina, Josh Lerner, August 24, 2018, Paper, "Using hitherto-unexplored data, this paper provides a first look into pension funds’ allocations to alternative asset classes around the world. On average, in the ten years following the financial crisis, allocations to private equity and real estate nearly doubled, representing about 20% of assets under…
| Josh Lerner
Private Equity, Jobs, and Productivity: Reply to Ayash and Rastad. Josh Lerner, January 28, 2018, Paper, "Ayash and Rastad (2017) express several concerns about our 2014 analysis of private equitybuyouts. We welcome their interest in our work but think their criticisms are off the mark.Some of their claimsreflect a misunderstanding of the Census Bureau’s Longitudinal Business Database (LBD) and its underlying data inputs. Because the LBD has…
| Josh Lerner
Innovation Policy and the Economy (Volume 18). Josh Lerner, 2018, Book, "This volume is the eighteenth annual volume of the National Bureau of Economic Research (NBER) Innovation Policy and the Economy (IPE) group. The IPE group provides an accessible forum to bring the work of leading academic researchers to an audience of policymakers and those interested in the interaction between..."…
| Josh Lerner
Private Equity, Jobs, and Productivity. Josh Lerner, 2014, Paper. "Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers US buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing to controls defined by industry, size, age, and prior growth…