Table 13.
Prominent themes in private equity research
| Theme | Author(s) | Title | Source | Year | TC |
|---|---|---|---|---|---|
| Theme #1: Venture capital (TP: 89; TC: 3,490) | |||||
| Most cited article | Sahlman, WA | The structure and governance of venture-capital organizations | Journal of Financial Economics | 1990 | 123 |
| Berger, AN; Udell, GF | The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle | Journal of Banking and Finance | 1998 | 98 | |
| Hellmann, T; Puri, M | Venture capital and the professionalization of start-up firms: Empirical evidence | Journal of Finance | 2002 | 85 | |
| Kaplan, SN; Strömberg, P | Financial contracting theory meets the real world: An empirical analysis of venture capital contracts | Review of Economic Studies | 2003 | 81 | |
| Cumming, D; Walz, U | Private equity returns and disclosure around the world | Journal of International Business Studies | 2010 | 77 | |
| Key topics |
• Financial contracting • Financing lifecycle • Institutional aspects of venture capital |
||||
| Theme #2: Buyouts and privatization (TP: 45; TC: 1,937) | |||||
| Most cited article | Kaplan, SN; Strömberg, P | Leveraged buyouts and private equity | Journal of Economic Perspectives | 2009 | 141 |
| Jensen, MC | Agency costs of free cash flow, corporate finance, and takeovers | American Economic Review | 1986 | 120 | |
| Kaplan, SN | The effects of management buyouts on operating performance and value | Journal of Financial Economics | 1989 | 106 | |
| Jensen, MC | Eclipse of the public corporation | Harvard Business Review | 1989 | 84 | |
| Cumming, D; Siegel, DS; Wright, M | Private equity, leveraged buyouts and governance | Journal of Corporate Finance | 2007 | 83 | |
| Key topics |
• Leveraged buyouts • Management buyouts • Agency cost of buyouts (management/owner conflict of interest) |
||||
| Theme #3: Market mechanisms and venture capital backed IPOs (TP: 29; TC: 1,044) | |||||
| Most cited article | Jensen, MC; Meckling, WH | Theory of the firm: Managerial behavior, agency costs and ownership structure | Journal of Financial Economics | 1976 | 134 |
| Gompers, PA | Grandstanding in the venture capital industry | Journal of Financial Economics | 1996 | 75 | |
| Myers, SC; Majluf, NS | Corporate financing and investment decisions when firms have information that investors do not have | Journal of Financial Economics | 1984 | 64 | |
| Heckman, JJ | Sample selection bias as a specification error | Econometrica | 1979 | 54 | |
| Barry, CB; Muscarella, CJ; Peavy III, JW; Vetsuypens, MR | The role of venture capital in the creation of public companies. Evidence from the going-public process | Journal of Financial Economics | 1990 | 43 | |
| Key topics |
• Market mechanisms • Information asymmetry Effect of venture capital on firm’s decision to go public |
||||
| Theme #4: Valuation and performance of private equity investment (TP: 26; TC: 1,320) | |||||
| Most cited article | Kaplan, SN; Schoar, A | Private equity performance: Returns, persistence, and capital flows | Journal of Finance | 2005 | 205 |
| Metrick, A; Yasuda, A | The economics of private equity funds | Review of Financial Studies | 2010 | 91 | |
| Phalippou, L; Gottschalg, O | The performance of private equity funds | Review of Financial Studies | 2009 | 90 | |
| Cochrane, JH | The risk and return of venture capital | Journal of Financial Economics | 2005 | 84 | |
| Gompers, P; Lerner, J | Money chasing deals? The impact of fund inflows on private equity valuations | Journal of Financial Economics | 2000 | 83 | |
| Key topics | Factors affecting performance and valuation of private equity investments | ||||
TP total publications. TC total citations received from publications within the dataset used in this study