The Economics of the Private Equity Market
The Swedish Institute of Financial Research (SIFR) is pleased to invite interested academics and practitioners to a Conference on “The Economics of the Private Equity Market” on August 30 and 31, 2007, in Stockholm.
This conference is motivated by the unprecedented activity in private equity in the last few years. 2006 has seen records set for the amounts of aggregate fundraising and investment activity, as well as for the size of the individual funds raised and individual buyout transactions undertaken. These investments are having a profound effect in spurring entrepreneurship and restructuring in many industries worldwide. At the same time, the rapid growth and globalization of the industry has worried policy makers and raised demands for increased regulation and disclosure of this sector. Still, public debate has largely ignored the significant amount of academic research evidence that does exist on private equity funds and their impact on the economy. The purpose of this conference is to bring this body of research to the attention of policy makers and practitioners, and to showcase the academic research frontier in private equity.
The first conference day aims to bring together leading academics with financial practitioners and policymakers to discuss recent research on private equity and its broader implications for practice and policy. There will be keynote presentations by leading scholars in the field, which will be followed by a panel discussion where practitioners get to express their views on these issues. The keynote speakers include Tim Jenkinson (Oxford), Michael Jensen (Harvard), Steve Kaplan (Chicago), and Josh Lerner (Harvard). The second conference day has a standard academic format, and aims to provide an academic forum showcasing the frontier in private equity research. Attached are the bios of the keynote speakers as well as a conference program.
Open Conference Program, Thursday, August 30
08:30 Coffee and welcome.
09:00‐12:30 Presentation: Steven Kaplan, University of Chicago: “Private Equity: Fiction, Fact, Future”.
Presentation: Josh Lerner , Harvard University: “The institutionalization of Private Equity: How will the industry evolve going forward?”.
Presentation: Tim Jenkinson, Oxford University: “How is private equity changing public equity markets?”
13:30‐17:00 Presentation: Michael Jensen, Harvard University: “The Economic Case for Private Equity (and Some Disturbing Trends)”.
Panel Discussion: The future of private equity?
Panelists: Peter Cornelius, Alpinvest
Michael Jensen, Harvard
Casper von Koskull, Goldman Sachs
Björn Savén, Industri Kapital
Gabriel Urwitz, Segulah.
Moderator: Per Strömberg, SIFR.
17:00 Concluding remarks.
Academic Conference Program, Friday, August 31
09:00‐09:45 Presentation: ”Do Buyouts (Still) Create Value?”
Presenter: Edie Hotchkiss, Weihong Song, University of Cincinnati
Discussant: Francesca Cornelli, London Business School
09:45‐10:30 Presentation: “The financing of large buyouts: Capital structure and deal pricing”
Presenter: Mike Weisbach, University of Illinois
Discussant: Viral Acharya, London Business School
11:00‐11:45 Presentation: “Financial leverage and bargaining power with suppliers: Evidence from leveraged buyouts.”
Presenter: Ted Fee, Michigan State
Discussant: Henrik Cronquist, Ohio State University
11:45‐12:30 Presentation: ”The performance of reverse leveraged buyouts.”
Presenter: Josh Lerner, Harvard University
Discussant: Michael Weisbach, University of Illinois
13:30‐14:15 Presentation: “Measuring the risk of private equity funds: A new approach.”
Presenter: Ludovic Phalippou, University of Amsterdam
Discussant: Tarun Ramadorai, Oxford University
14:15‐15:00 Presentation: “Economics of Private equity funds”.
Presenter: Ayako Yasuda, Wharton
Discussant: Chester Spatt, Carnegie Mellon University
15:15‐16:00 Presentation: “Which CEO characteristics and abilities matter?”.
Presenter: Morten Sørensen, University of Chicago
Discussant: David Yermack, New York University
16:00 Closing of conference.