Conference Announcement and Call For Papers
The Role of Private Equity in the US Economy

A conference jointly sponsored by the Federal Reserve Bank of New York and NYU Stern School of Business

October 12, 2012 at NYU Stern School of Business

CONFERENCE ORGANIZERS:
Anna Kovner, Federal Reserve Bank of New York
Hamid Mehran, Federal Reserve Bank of New York
Matthew Richardson, NYU Stern

OVERVIEW: The private equity industry has experienced continued growth in the last decade, as well as significant changes in organizational structure and business focus. This conference aims to promote a better understanding of the role of private equity in the U.S. economy, including real economic effects of private equity transactions, economic welfare implications, and risk and return in the private equity industry. The goal is to consider the role of leverage, the transfer of risk from regulated entities to non-regulated entities (and vice versa) and the level of risk of the industry from the perspective of investors, private equity managers, private-equity managed companies and regulators. This understanding, in turn, may help policymakers in their decisionmaking, regulators promote efficiency and financial stability and help investors and general partners measure risk and evaluate projects.

TOPICS: The conference organizers encourage the submission of papers and proposals relating to all aspects of private equity, as well as the corporate finance and asset pricing of private equity, leveraged buyouts and other private equity asset classes. Topics of interest include but are not limited to:
- Leverage and risk in private equity
- Risk measurement in private equity
- Private equity in the financial crisis
- Regulation of private equity in the wake of industry changes and the financial crisis
- Bank risk and private equity
- Role of financial markets in levels, structure and performance of private equity investment
- Governance and performance implications of private equity firms becoming publicly listed
- Impact of secondary LBOs for the risk and returns profile of private equity funds and Limited Partners
- Implications of publicly listed private equity firms for incentives and performance
- Private equity and the real economy
- Real economy effects of private equity deals (short term and long term) (e.g., employment, productivity, governance, compensation)
- Measuring private equity - data standardization and industry measurement in private equity
- The role of private equity in the US economy (e.g. employment, economic welfare)
- Cross country role of private equity in economic development
- Longer term effects of private equity ownership (e.g., financial vs. fundamental performance)
- Determinants and success factors of private equity deals differ across countries and over time
- Private equity financial backing and the performance of newly listed firms (IPOs)

PAPER SUBMISSION PROCEDURE: Organizers invite the submission of working papers by July 31, 2012. Papers and proposals will be blind-reviewed by the Program Committee.

Please send a PDF version of your proposal or paper, with a separate title page and abstract, by July 31, 2012 to Anna.Kovner@ny.frb.org and specifying "FRBNY/NYU PE Conference" in the subject line.

PROGRAM COMMITTEE:
Viral Acharya (NYU Stern)
Ulf Axelson (LSE)
Robert Harris (UVa/Darden)
Yael Hochberg (Kellogg)
Edie Hotchkiss (Boston College)
Tim Jenkinson (Oxford/Said)
Steven N. Kaplan (University of Chicago/Booth)
Josh Lerner (HBS)
Ludovic Phalippou (Oxford/Said)
David Robinson (Duke)
Antoinette Schoar (MIT)
Anil Shivdasani (UNC)
Morten Sorensen (Columbia Business School)
Per Stromberg (Stockholm School of Economics)



Posted 6/23/12