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→LBO Effects on Innovation Papers
*patents and other protection methods
*factors hampering innovation activities
===Lerner 2013===
@article{lerner_private_2013,
title = {Private {Equity} and {Investment} in {Innovation}: {Evidence} from {Patents}},
volume = {25},
copyright = {Copyright © 2013 Cantillon and Mann},
issn = {1745-6622},
shorttitle = {Private {Equity} and {Investment} in {Innovation}},
url = {http://onlinelibrary.wiley.com/doi/10.1111/jacf.12018/abstract},
doi = {10.1111/jacf.12018},
abstract = {The authors' analysis of the patenting activity of 472 companies that received private equity investments between 1986 and 2005 provides suggestive evidence of an increase in the effectiveness (though not necessarily the quantity) of their innovative activities. After such companies received private equity backing, the patents they applied for received more frequent citations than patents awarded before the involvement of PE firms. Companies acquired by private equity also show no sign of deterioration in patent “originality” and “generality,” which have been shown to be fairly reliable indicators of the fundamental nature of the research. And while there is no clear pattern of change in the level of patenting activity, corporate patent portfolios become more focused in the years after the private equity investments. The increases in our measure of patent “impact” are greatest in the areas that constitute the companies' historical core strengths. These findings are likely to prove increasingly important as private equity continues its incursions into growth areas of the economy.},
language = {en},
number = {2},
urldate = {2016-06-17},
journal = {Journal of Applied Corporate Finance},
author = {Lerner, Josh and Sorensen, Morten and Stromberg, Per},
month = jun,
year = {2013},
pages = {95--102},
file = {Lerner et al (2013) - Private Equity and Investment in Innovation.pdf}
}
Lerner et al examine the effect of private equity investment on firm innovation. This version is a summary of the previous ones.
Some takeaways:
*Patent citations used as proxy for quality (which might not be optimal)
*They do adjust for overall average of non-LBO firms
*Uses Seagate as a case study
=LBO Traits/Incidence/Phenomena Papers=
