Research seminars

Team Stability and Performance: Evidence from Private Equity

Finance

Speaker: Francesca Cornelli
London Business School

16 November 2017 - T004 - From 2:00 pm to 3:15 pm

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We examine the relation between team turnover and firm performance
studying the private equity industry. Using a unique data set that tracks over
time teams in 138 PE managers and their performance, we uncover a positive
relation between turnover and fund performance. We propose and confirm in
the data two channels that explain our findings: i) in the short-run, performance
improves when bad performers are fired, ii) in the long-run, turnover
helps teams to adapt and replenish their skills in response to shifting external
demand. Our findings suggest that frictions coming from informational
asymmetries may deter optimal turnover. These findings are surprising given
the common belief among PE investors that team stability is key to long-term
success.

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