On the real effects of private equity investment: evidence from new ...

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WORKING PAPER SERIESNO 1078 / AUGUST 2009ON THE REAL EFFECTSOF PRIVATE EQUITYINVESTMENTEVIDENCE FROM NEWBUSINESS CREATION 1by Alexander Popov 2and Peter Roosenboom 3In 2009 all ECBpublicationsfeature a motiftaken from the€200 banknote.This paper can be downloaded without charge fromhttp://www.ecb.europa.eu or from the Social Science Research Networkelectronic library at http://ssrn.com/abstract_id=1436894.1 We thank Marco Da Rin, Philipp Hartmann, Ulrich Hege, Florian Heider, Josh Lerner, Simone Manganelli, Marina Martynova, Eric Nowak,Enrico Perotti, Jose Luis Peydro, Richard Rosen, Per Stromberg, Krishnamurthy Subramanian, and Gregory Udell, as well as seminarparticipants at the ECB, the 18 th IT&FA conference, the 2008 EFA meeting, the RICAFE2 third conference, the 11 th Symposiumon Finance, Banking and Insurance, the 2009 MFA meeting, and the Federal Reserve Bank of Chicago for valuable comments.A special thanks is extended to Luc Laeven for providing us with the Amadeus and D&B data. We also thank Lieven Baertand Kim Bonnema for outstanding research assistance. The opinions expressed herein are those of the authorsand do not necessarily reflect those of the European Central Bank or the Eurosystem.2 European Central Bank, Financial Research Division, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany;tel. +4969 1344 8428, email: Alexander.Popov@ecb.europa.eu3 Department of Finance, Rotterdam School of Management (RSM), Erasmus University Rotterdam,Burgemeester Oudlaan 50, NL 3062PA Rotterdam, The Netherlands;tel: +3110 408 1255; e-mail: proosenboom@rsm.nl
© European Central Bank, 2009AddressKaiserstrasse 2960311 Frankfurt am Main, GermanyPostal addressPostfach 16 03 1960066 Frankfurt am Main, GermanyTelephone+49 69 1344 0Websitehttp://www.ecb.europa.euFax+49 69 1344 6000All rights reserved.Any reproduction, publication andreprint in the form of a differentpublication, whether printed orproduced electronically, in whole or inpart, is permitted only with the explicitwritten authorisation of the ECB or theauthor(s).The views expressed in this paper do notnecessarily reflect those of the EuropeanCentral Bank.The statement of purpose for the ECBWorking Paper Series is available fromthe ECB website, http://www.ecb.europa.eu/pub/scientific/wps/date/html/index.en.htmlISSN 1725-2806 (online)
Page 1: Working Paper SeriesNo 1078 / augus
Page 5 and 6: AbstractUsing a comprehensive datab
Page 7 and 8: environment leaves the main results
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Page 39 and 40: Table 2Summary statistics on entry,
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Page 43 and 44: Table 6Private equity timing and fi
Page 45 and 46: Table 8Private equity and alternati
Page 47 and 48: Appendix 1. Variables: definitions
Page 49 and 50: Share shadow economyShare of the in
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