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Private equity in times of economic policy uncertainty: a global study of the effects on investment activity, returns, and opportunities
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Orientador(es)
Resumo(s)
Using two novel samples of private equity (PE) investment and exits, the study reveals that
economic policy uncertainty (EPU) has a small negative impact on PE investment activity. This
finding indicates a lower sensitivity compared to venture capitalists. Further results show that
EPU is associated with lower entry and exit multiples, implying that PE firms can seize
opportunities by investing in high EPU and exiting in low EPU. Additionally, mature PE firms
demonstrate higher deal-making activity than their counterparts in these periods, suggesting
that they capitalize on these opportunities. However, evidence for superior returns in high EPU
periods remains limited.
Descrição
Palavras-chave
Private equity Economic policy uncertainty Investment activity Returns