We improve public understanding of the role of private capital in the global economy. Academic and industry experts work together to generate new knowledge about private capital markets based on objective academic research.
Commercial real estate is a major asset class, with an estimated value of more than $12 trillion in the U.S. alone. But the stay-at-home orders and business closures precipitated by the COVID-19 pandemic have the potential to negatively – and disastrously – affect commercial properties.
 

Latest Research

The Impact of Private Equity Buyouts on Productivity and Jobs

August 01, 2020

The growing importance of private equity has generated ongoing debate as to its impact on the real economy, including the impact on productivity at private equity-owned firms (referred to herein as “target firms”), as well as the impact of private equity on job growth. More

Private Equity: Accomplishments and Challenges

July 08, 2020

Since the 1980s, there has been an ongoing discussion about the role of private equity (PE) in the economy. As investors have flocked to the asset class, voices critical of the negative social impact of PE have grown louder. In this article, we examine what is known from the academic literature about the effects of private equity on corporate productivity, the returns for investors, and possible broader economic and social consequences. More

Do Private Equity Managers Have Superior Information on Public Markets?

July 01, 2020

Using cash flows from a large sample of buyout and venture funds, the author shows that private equity (PE) distributions predict returns in the industries of funds' specialization. The tests distinguish timing skill from reactions to market conditions and spillover effects of PE activity. More

Recent News & Media

Do private equity buyouts in the U.S. and Europe have positive effects on productivity and job growth?

August 01, 2020

John Gulliver, Program on International Financial Systems, and Wei Jiang, Columbia Business School and IPC AMRA Advisory Board, examine the role of private equity in the overall economy in this report. More