NATIONAL BUREAU OF ECONOMIC RESEARCH

The New World of Private Equity Conference

April 4 and 5, 2008

Josh Lerner and Per Stromberg, Organizers

Mohonk Mountain House

New Paltz, New York

PROGRAM

Thursday, April 3
6:30 p.m.	Dinner, Mohonk Mountain House
Friday, April 4
8:30 a.m.	Coffee and pastries
	Session 1: Private equity waves, leverage, and investment behavior
9:00 a.m.	SHOURUN GUO and EDIE HOTCHKISS, Boston College
	WEIHONG SONG, University of Cincinnati
	Do Buyouts (Still) Create Value?
	Discussant: Jeremy Stein, Harvard University and NBER
10:00 a.m.	Break
10:15 a.m.	ULF AXELSON, Stockholm Institute for Financial Research
	TIM JENKINSON, Oxford University
	PER STRÖMBERG, Stockholm Institute for Financial Research and NBER
	MICHAEL WEISBACH, University of Illinois at Urbana-Champaign and NBER
	Leverage and Pricing in Buyouts:  An Empirical Analysis
	Discussant: Christopher James, University of Florida
11:15 a.m.	ALEXANDER LJUNGQVIST, New York University
	MATTHEW RICHARDSON and DANIEL WOLFENZON, New York University and NBER
	The Investment Behavior of Buyout Funds: Theory and Evidence
	Discussant: Discussant: Mike Wright, University of Nottingham
12:15 p.m.	Lunch
	Session 2: Returns to private equity funds
1:15 p.m.	ALEXANDER PETER GROH, University of Navarra
	OLIVER GOTTSCHALG, HEC School of Management
	Measuring The Risk Adjusted Performance of US Buyouts
	Discussant: Andrew Metrick, Yale University and NBER
2:15 p.m.	JOOST DRIESSEN, TSE-CHUN LIN and LUDOVIC PHALIPPOU, University of Amsterdam
	A new method to estimate risk and return of non-traded assets from aggregate cash .ows: The case of private equity funds
	Discussant: Annette Vissing-Jørgensen, Northwestern University and NBER
3:15 p.m.	Break
	Session 3: Effects on private-equity backed firms
3:30 p.m.	SHARON P. KATZ, Harvard University
	Earnings Management and Conservatism: The Role of Private Equity Sponsors
	Discussant: Yael Hochberg, Northwestern University
4:30 p.m.	Panel discussion: Private Equity in a Time of Challenges
	PETER CORNELIUS, AlpInvest Partners
	CHARLES FROLAND, Performance Equity Management
	DEREK KAN, Senate Republican Leader's Office, United States Senate
6:30 p.m.	Dinner, Mohonk Mountain House
Saturday April 5
8:30 a.m.	Coffee and pastries
9:00 a.m.	STEVEN DAVIS, University of Chicago and NBER
	JOHN HALTIWANGER, University of Maryland and NBER
	RON JARMIN, Bureau of the Census
	JOSH LERNER, Harvard University and NBER
	JAVIER MIRANDA, Bureau of the Census
	Private Equity and Employment
	Discussant: Antoinette Schoar, MIT and NBER
10:00 a.m.	Keynote Address: DAVID RUBENSTEIN, Carlyle Group
	SLIDES
11:00 a.m.	Break
	Session 4: Managers, boards, and incentives
11:15 a.m.	STEVE KAPLAN, University of Chicago and NBER
	MARK KLEBANOV and MORTEN SORENSEN, University of Chicago
	Which CEO Characteristics and Abilities Matter?
	Discussant: Malcolm Baker, Harvard University and NBER
12:15 p.m.	Lunch
1:15 p.m.	SOOJIN YIM and TOBY STUART, Harvard University
	Board Interlocks and the Propensity to be Targeted in Private Equity Transactions
	Discussant: Matthew Rhodes-Kropf, Columbia University
2:15 p.m.	PHILLIP LESLIE and PAUL OYER, Stanford University and NBER
	Managerial Incentives and Strategic Change: Evidence from Private Equity
	Discussant: Bengt Holmström, MIT and NBER
3:15 p.m.	Closing of conference