Working PaPer Serie S
no 1078 / auguSt 2009
on the real effectS
of Private equity
inveStment
evidence from
neW BuSineSS creation
by Alexander Popov
and Peter Roosenboom
WORKING PAPER SERIES
NO 1078 / AUGUST 2009
This paper can be downloaded without charge from
http://www.ecb.europa.eu or from the Social Science Research Network
electronic library at http://ssrn.com/abstract_id=1436894.
In 2009 all ECB
publications
feature a motif
taken from the
€200 banknote.
ON THE REAL EFFECTS
OF PRIVATE EQUITY
INVESTMENT
EVIDENCE FROM NEW
BUSINESS CREATION 1
by Alexander Popov 2
and Peter Roosenboom 3
1 We thank Marco Da Rin, Philipp Hartmann, Ulrich Hege, Florian Heider, Josh Lerner, Simone Manganelli, Marina Martynova, Eric Nowak,
Enrico Perotti, Jose Luis Peydro, Richard Rosen, Per Stromberg, Krishnamurthy Subramanian, and Gregory Udell, as well as seminar
participants at the ECB, the 18 th IT&FA conference, the 2008 EFA meeting, the RICAFE2 third conference, the 11th Symposium
on Finance, Banking and Insurance, the 2009 MFA meeting, and the Federal Reserve Bank of Chicago for valuable comments.
A special thanks is extended to Luc Laeven for providing us with the Amadeus and D&B data. We also thank Lieven Baert
and Kim Bonnema for outstanding research assistance. The opinions expressed herein are those of the authors
and do not necessarily reflect those of the European Central Bank or the Eurosystem.
2 European Central Bank, Financial Research Division, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany;
tel. +4969 1344 8428, email: Alexander.Popov@ecb.europa.eu
3 Department of Finance, Rotterdam School of Management (RSM), Erasmus University Rotterdam,
Burgemeester Oudlaan 50, NL 3062PA Rotterdam, The Netherlands;
tel: +3110 408 1255; e-mail: proosenboom@rsm.nl
© European Central Bank, 2009
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