Private equity and innovation : assessing the impact of private equity investments on Scandinavian portfolio companies
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- Master Thesis 
We investigate the impact private equity disbursements have on innovation in Scandinavia, using an empirical methodology developed by Kortum and Lerner (2000). Our sample consists of PE disbursements, R&D expenditures and granted patents in Norway, Sweden and Denmark from 1997-2009. Private equity accounted for 12% of patents granted in Scandinavia, while the ratio of private equity to R&D was above 20%. Our findings are contradictory to previous empirical studies and imply that private equity was less potent than R&D in creating innovation from 1997-2009.