S&O MONTHLY SEMINAR - NOVEMBER 2020
Participate
The next S&O Research Seminar will take place on November 3rd from 12.30 pm to 2.00 pm.
Our honor is to welcome Ludovic Phalippou, Professor of Financial Economics at University of Oxford, Saïd Business School.
Ludovic specializes in the areas of private equity that are of interest to investors and potential investors in that asset class, such as risk management, legal and corporate governance issues, liquidity and measurement of returns. In 2016, RealDeals magazine listed him as one of the 20 most influential individuals in private equity in Europe, and he was the only academic listed. His recent work “An Inconvenient Fact: Private Equity Returns & The Billionaire Factory”attracted much interest from academia, the media, the PE industry, and market regulators such as the SEC. The paper has been downloaded 16,489 times on ssrn since first posted in June 10, 2020. Author of the best-selling book « Private equity laid bare » Ludovic has been named as one of “The 40 Most Outstanding Business School Profs Under 40 In The World” by the business education website Poets&Quants in 2014.
Besides talking about his research on private equity in general, Ludovic will present us his new working paper on Private Equity and Employee Welfare, followed by Q/A
LUDOVIC PHALIPPOU, Professor of Financial Economics at University of Oxford, Saïd Business School
Title: Private Equity and Employee Welfare
Abstract:The analysis of one million written reviews and five million quantitative ratings shows that employees dislike ownership changes, and more so when their company goes under private equity ownership. With private equity, there are less complaints about inefficiencies and more complaints about management attitude towards other employees, which exacerbates a pre-existing welfare gap. While some generalist sponsors are associated with rating improvements, several sponsors specializing in Tech LBOs have negative ratings across their companies and are associated with complaints towards management attitude.
For more information, please contact Iiris Sacchet: sacchet@hec.fr