# The Role of Private Equity in the US Economy **The Role of Private Equity in the US Economy** A conference jointly sponsored by the Federal Reserve Bank of New York and the Salomon Center at NYU Stern School of Business Friday, October 12, 2012 NYU Stern School of Business Conference Organizers: Anna Kovner, Federal Reserve Bank of New York Hamid Mehran, Federal Reserve Bank of New York Matthew Richardson, NYU Stern School of Business This conference aims to promote a better understanding of the role of private equity in the US economy, including real economic effects of private equity transactions and economic welfare implications. The goal is to consider the role of leverage, the transfer of risk from regulated entities to non-regulated entities (and vice versa) and the level of risk of the industry from the perspective of investors, private equity managers, private-equity managed companies and regulators. This understanding, in turn, may help policymakers in their decision making, regulators promote efficiency and financial stability and help investors and general partners measure risk and evaluate projects. Location: NYU Stern School of Business Kaufman Management Center Room 1-70 44 West Fourth Street New York, NY 10012 Registration Details: Attendance is free of charge but seating is strictly limited and so registration is required. To register, please send an email to before October 8, 2012. Indicate your name and affiliation in your response. Agenda 7:30 Registration and Continental Breakfast 8:50 Welcoming Remarks MORNING SESSION 9:00 [ Is a Venture Capital Partnership Greater Than the Sum of its Partners?](https://www.stern.nyu.edu/sites/default/files/assets/documents/con_037644.pdf) Michael Ewens, Carnegie Mellon University Matthew Rhodes-Kropf, Harvard University Discussant: Viral V. Acharya, NYU Stern School of Business 9:50 [Venture Capital and the Diffusion of Knowledge](https://www.stern.nyu.edu/sites/default/files/assets/documents/con_037642.pdf) Juanita Gonzalez-Uribe, Columbia Graduate School of Business Discussant: Scott Stern, Massachusetts Institute of Technology 10:40 Break 11:00 [Asset Sales and the Role of Buyers: Strategic Buyers versus Private Equity](https://www.stern.nyu.edu/sites/default/files/assets/documents/con_037907.pdf) Ulrich Hege,HEC Paris Stefano Lovo, HEC Paris Myron Slovin, HEC Paris Marie Sushka, Arizona State University and HEC Paris Discussant: Alexander Gorbenko, London Business School 11:50 [The Disintermediation of Financial Markets: Direct Investing in Private Equity](https://www.stern.nyu.edu/sites/default/files/assets/documents/con_037960.pdf) Lily Fang, INSEAD Victoria Ivashina, Harvard University Josh Lerner, Harvard University Discussant: Anil Shivdasani, UNC Kenan-Flagler Business School 12:40 Lunch AFTERNOON SESSION 2:10 [Private Equity Across the Credit Cycle: A Cross Sectional Approach](https://www.stern.nyu.edu/sites/default/files/assets/documents/con_037945.pdf) Arthur Korteweg, Stanford University Anna Kovner, FRBNY Ludovic Phalippou, Oxford University Discussant: Ayako Yasuda, UC Davis Graduate School of Management 3:20 [Private Equity and the Resolution of Financial Distress](https://www.stern.nyu.edu/sites/default/files/assets/documents/con_037908.pdf) Edith S. Hotchkiss, Boston College David C. Smith, University of Virginia Per Strömberg, Institute of Financial Research (SIFR), Stockholm School of Economics, and CEPR Discussant: Tim Jenkinson, University of Oxford and CEPR 4:10 Break 4:30 Panel on Private Equity Tim Jenkinson, University of Oxford Edward M. Yorke, Lazard Freres & Co. LLC Chris Cary, Standard & Poor's 6:00 Reception