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

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

Does Private Equity Ownership Make Firms Cleaner? The Role Of Environmental Liability Risks

June 12, 2020

Private equity (PE) ownership leads to a 70% reduction in the baseline rate of toxic pollution. The reduction is identified from the oil and gas industry using a nearest-neighbor research design estimated on novel satellite imaging and administrative datasets. I test several mechanisms that could explain this behavior. More

Recent News & Media

Top Academic Researchers Become Newest Members of First Street Foundation Flood Lab, Studying Flooding Impact on the U.S.

May 27, 2020

Researchers at UNC Chapel Hill, including Jacob Sagi, an expert on financial economics, decision theory, and real estate finance, Andra Ghent, associate professor of finance, and Greg Characklis, professor of Environmental Engineering, have recently joined the First Street Foundation Flood Lab, a partnership that provides free access to cutting edge flood risk data for critical public analysis. More