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==Abstract==

This academic paper investigates the recent trend of [[Leveraged Buyout (LBO) | leveraged buyouts (LBOs)]] in the US financial market and assesses their impact on innovative activities within firms that undergo LBOs. To do this, we match firms that undergo LBOs with similar firms that do not undergo LBOs using a dynamic hazard rate model. Using these matched firms as synthetic controls, we perform a difference in difference analysis to compare the trajectory of innovative activity of LBO firms with that of non-LBO firms (e.g., patenting, intangible assets).

==Research Outline==