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==Jake==
http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2010.01639.x/full Josh Lerner Private Equity and Long-Run Investment: The Case of Innovation
@article{lerner2011private,
title={Private equity and long-run investment: The case of innovation},
author={Lerner, Josh and Sorensen, Morten and Str{\"o}mberg, Per},
journal={The Journal of Finance},
volume={66},
number={2},
pages={445--477},
year={2011},
publisher={Wiley Online Library},
abstract={A long-standing controversy is whether leveraged buyouts (LBOs) relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves sacrifice long-term growth to boost short-term performance. We examine one form of long-run activity, namely, investments in innovation as measured by patenting activity. Based on 472 LBO transactions, we find no evidence that LBOs sacrifice long-term investments. LBO firm patents are more cited (a proxy for economic importance), show no shifts in the fundamental nature of the research, and become more concentrated in important areas of companies' innovative portfolios.},
filename={Lerner et al (2011) - Private equity and long run investment the case of innovation}
}
Finds that private equity backed firms applied for in the years after the investment are more frequently cited, showing no deterioration in patent orginality and generality. The leve of patenting does not appear to consistently change, and the firms' patent portfolios become more focused in the years after the private equity investments. The areas where the firms concentrate their patenting after the private equity investment, and the historical strengths of the firm, tend to be the areas where the increase in patent impact is particularly great.
http://www.sciencedirect.com/science/article/pii/088390269400024O Corporate entrepreneurship and financial performance: The case of management leveraged buyouts
