The Role of Private Equity in the US Economy
A conference jointly sponsored by
the Federal Reserve Bank of New York and
the Salomon Center at NYU Stern School of Business
Friday, October 12, 2012
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 School of Business
This conference aims to promote a better understanding of the role of private equity in the US economy, including real economic effects of private equity transactions and economic welfare implications. 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 decision making, regulators promote efficiency and financial stability and help investors and general partners measure risk and evaluate projects.
Location:
NYU Stern School of Business
Kaufman Management Center
Room 1-70
44 West Fourth Street
New York, NY 10012
Registration Details:
Attendance is free of charge but seating is strictly limited and so registration is required.
To register, please send an email to salomon@stern.nyu.edu before October 8, 2012. Indicate your name and affiliation in your response.
Agenda
7:30 Registration and Continental Breakfast
8:50 Welcoming Remarks
MORNING SESSION
9:00 Is a Venture Capital Partnership Greater Than the Sum of its Partners?
Michael Ewens, Carnegie Mellon University
Matthew Rhodes-Kropf, Harvard University
Discussant: Viral V. Acharya, NYU Stern School of Business
9:50 Venture Capital and the Diffusion of Knowledge
Juanita Gonzalez-Uribe, Columbia Graduate School of Business
Discussant: Scott Stern, Massachusetts Institute of Technology
10:40 Break
11:00 Asset Sales and the Role of Buyers: Strategic Buyers versus Private Equity
Ulrich Hege,HEC Paris
Stefano Lovo, HEC Paris
Myron Slovin, HEC Paris
Marie Sushka, Arizona State University and HEC Paris
Discussant: Alexander Gorbenko, London Business School
11:50 The Disintermediation of Financial Markets: Direct Investing in Private Equity
Lily Fang, INSEAD
Victoria Ivashina, Harvard University
Josh Lerner, Harvard University
Discussant: Anil Shivdasani, UNC Kenan-Flagler Business School
12:40 Lunch
AFTERNOON SESSION
2:10 Private Equity Across the Credit Cycle: A Cross Sectional Approach
Arthur Korteweg, Stanford University
Anna Kovner, FRBNY
Ludovic Phalippou, Oxford University
Discussant: Ayako Yasuda, UC Davis Graduate School of Management
3:20 Private Equity and the Resolution of Financial Distress
Edith S. Hotchkiss, Boston College
David C. Smith, University of Virginia
Per Strömberg, Institute of Financial Research (SIFR), Stockholm School of Economics, and CEPR
Discussant: Tim Jenkinson, University of Oxford and CEPR
4:10 Break
4:30 Panel on Private Equity
Tim Jenkinson, University of Oxford
Edward M. Yorke, Lazard Freres & Co. LLC
Chris Cary, Standard & Poor's
6:00 Reception