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SUMMARY:Team Stability and Performance: Evidence from Private Equity
DTSTART:20171027T103000
DTEND:20171027T120000
DTSTAMP:20260508T103653Z
UID:fc3d64d751b46928f3bf737ac2bbaf6a5428610d6ddb06bf049214e5
CATEGORIES:Conferences - Seminars
DESCRIPTION:Francesca CORNELLI (London Business School)\nWe examine the re
 lation between team turnover and firm performance studying the private equ
 ity industry. Using a unique data set that tracks over time teams in 138 P
 E managers and their performance\, we uncover a positive relation between 
 turnover and fund performance. We propose and confirm in the data two chan
 nels that explain our findings: i) in the short-run\, performance improves
  when bad performers are fired\, ii) in the long-run\, turnover helps team
 s to adapt and replenish their skills in response to shifting external dem
 and. Our findings suggest that frictions coming from informational asymmet
 ries may deter optimal turnover. These findings are surprising given the c
 ommon belief among PE investors that team stability is key to long-term su
 ccess.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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