This paper investigates the role of private equity (PE) in failed‐bank resolutions after the 2008 financial crisis, using proprietary Federal Deposit Insurance Corporation failed‐bank acquisition data. PE investors made substantial investments in underperforming and riskier failed banks, particularly in geographies where local banks were also distressed, filling the gap created by a weak, undercapitalized banking sector. Using a quasi‐random empirical design based on detailed bidding information, we show that PE‐acquired banks performed better ex post, with positive real effects for the local economy. Overall, PE investors played a positive role in stabilizing the financial system through their involvement in failed‐bank resolution.

中文翻译：

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私募股权与金融稳定：危机中银行破产决策的证据


本文使用联邦存款保险公司专有的倒闭银行收购数据，调查了私募股权 （PE） 在 2008 年金融危机后倒闭银行解决中的作用。私募股权投资者对表现不佳和风险较高的倒闭银行进行了大量投资，特别是在当地银行也陷入困境的地区，填补了银行业疲软、资本不足造成的缺口。使用基于详细投标信息的准随机实证设计，我们表明 PE 收购的银行在事后表现更好，对当地经济产生了积极的实际影响。总体而言，私募股权投资者通过参与银行倒闭解决，在稳定金融体系方面发挥了积极作用。