Essays on Cyclicality and Heterogeneity in Private Equity

This dissertation consists of three studies that investigate value creation and performance in Private Equity.

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This dissertation consists of three studies that investigate value creation and performance in Private Equity (PE). The first essay analyzes buyout value creation and PE investor behavior in economic cycles. The second essay examines persistence in value creation components and how persistent effects relate to each other. The third essay investigates systematic differences in PE performance and what investors can learn from past performance about the investment skills of PE firms.