Element contents
Private Equity and the Demise of the Local
The Loss of Community Economic Power and Autonomy
Published online by Cambridge University Press: 03 May 2024
Summary
Capitalism is a powerful engine that requires finance. Private equity is part of the neoliberal transformation of capitalism that has failed the average citizen and unleashed a tsunami of leveraged acquisitions that have destroyed entire sectors of our economy. Private equity has become a powerful force that has moved from restructuring industrial firms to buying up just about any economic activity in local communities that has assets that can be monetized, without any consideration of the impact on the quality of life and well-being of the community. Th a process has been aided and abetted by government policy. The authors of this Element explain the workings of the private equity model and the reasons it has been so profitable. They document the effects of PE on firms and communities by examining a range of activities that once had a local focus. They conclude by offering policy recommendations.
- Type
- Element
- Information
- Online ISBN: 9781009321853Publisher: Cambridge University PressPrint publication: 23 May 2024
References
Abelson, R., & Creswell, J. (2012, August 14). A giant hospital chain is blazing a profit trail. New York Times.Google Scholar
Adler, L., Milhaupt, C., & Valdez, S. (2023). Measuring private equity penetration and consolidation in emergency medicine and anesthesiology. Health Affairs Scholar, 1(1), 1–6.CrossRefGoogle Scholar
Aghamolla, C., Jain, J., & Thakor, R. T. (2023). When private equity comes to town: The local economic consequences of rising healthcare costs. SSRN.Google Scholar
Alexander, B. (2017). Glass House: The 1% Economy and the Shattering of the All-American Town. St. Martin’s Press.Google Scholar
Alonso, J. (2023, August 15). Rental increases are slowing down — Except in student housing. Inside Higher Education.Google Scholar
Americans for Financial Reform. (2022). Estimate of Private Equity Ownership of Housing Units. Research Memorandum to the House Financial Services Committee Members and Staff.Google Scholar
Appelbaum, E., & Batt, R. (2014). Private Equity at Work: When Wall Street Manages Main Street. Russell Sage Foundation.Google Scholar
Appelbaum, E., & Batt, R. (2019). Private equity and surprise medical billing. Institute for New Economic Thinking.Google Scholar
Appelbaum, E., & Batt, R. (2020, March). Private equity buyouts in healthcare: Who wins, who loses? Institute for New Economic Thinking Working Paper Series (CEPR Working Papers No.118). Center for Economic and Policy Research.Google Scholar
Ayash, B., & Rastad, M. (2021). Leveraged buyouts and financial distress. Finance Research Letters, 38, 101452.CrossRefGoogle Scholar
Baker, G. P. (1992). Beatrice: A study in the creation and destruction of value. The Journal of Finance, 47(3), 1081–1119.CrossRefGoogle Scholar
Baker, J. 2022. Testimony before June 28, 2022 Hearing of the U.S. House Committee on Financial Services, Subcommittee on Oversight and Investigations.www.congress.gov/117/meeting/house/114969/witnesses/HHRG-117-BA09-Wstate-BakerJ-20220628.pdf.Google Scholar
Ballou, B. (2023a). Plunder: Private Equity’s Plan to Pillage America. Public Affairs.Google Scholar
Bank, S. A. (2014). Historical perspective on the corporate interest deduction. Chapman Law Review, 18(1), 19–48.Google Scholar
Barber, F., & Gold, M. (2007). The strategic secret of private equity. Harvard Business Review, 85(9), 53–61.Google Scholar
Barth, J. R., Hamilton, P., & Markwardt, D. (2013). Where banks are few, payday lenders thrive. White Paper, Milken Institute.Google Scholar
Batt, R., & Appelbaum, E. (2018). Private equity pillage: Grocery stores and workers at risk. The American Prospect.Google Scholar
Bayliss, K., Van Waeyenberge, E., & Bowles, B. O. (2023). Private equity and the regulation of financialised infrastructure: The case of Macquarie in Britain’s water and energy networks. New Political Economy, 28(2), 155–172.CrossRefGoogle Scholar
Beck, T., Degryse, H., De Haas, R., & Van Horen, N. (2018). When arm’s length is too far: Relationship banking over the credit cycle. Journal of Financial Economics, 127(1), 174–196.CrossRefGoogle Scholar
Becker’s Hospital Review. (2012, September 17). HCA shareholders allege Bain Capital and other private equity firms colluded in buyout.Google Scholar
Becker’s Hospital Review. (2013, March 27). Private equity and non-profit hospitals: Strange bedfellows or saving grace?Google Scholar
Bel, G., Fageda, X., & Warner, M. E. (2010). Is private production of public services cheaper than public production? A meta‐regression analysis of solid waste and water services. Journal of Policy Analysis and Management, 29(3), 553–577.CrossRefGoogle Scholar
Bel, G., & Warner, M. (2008). Does privatization of solid waste and water services reduce costs? A review of empirical studies. Resources, Conservation and Recycling, 52(12), 1337–1348.CrossRefGoogle Scholar
Berry, L. L., & Barauch, P. (2021, August 20). Hospital outsourcing often prioritizes profit over patients. Texas A&M Today.Google Scholar
Bivens, J., & Mishel, L. (2013). The pay of corporate executives and financial professionals as evidence of rents in top 1 percent incomes. Journal of Economic Perspectives, 27(3), 57–78.CrossRefGoogle Scholar
Bivens, J. 2011. Failure by Design: The Story Behind America’s Broken Economy. Washington, DC: Economic Policy Institute.CrossRefGoogle Scholar
Bonvino, A., Ehrlich, A. J., Gonzalez, R. J. et al. (2021, October). False Claims Act & Qui Tam. Paul Weiss.Google Scholar
Borsa, A., Bejarano, G., Ellen, M., & Bruch, J. D. (2023). Evaluating trends in private equity ownership and impacts on health outcomes, costs, and quality: Systematic review. BMJ, 382, 1–17.Google ScholarPubMed
Braun, R. T., Jung, H. Y., Casalino, L. P., Myslinski, Z., & Unruh, M. A. (2021). Association of private equity investment in US nursing homes with the quality and cost of care for long-stay residents. JAMA Health Forum, 2(11), 1–13.CrossRefGoogle ScholarPubMed
Bruch, J. D., Gondi, S., & Song, Z. (2020). Changes in hospital income, use, and quality associated with private equity acquisition. JAMA Internal Medicine, 180(11), 1428–1435.CrossRefGoogle ScholarPubMed
Bugbee, M. (2022, October 12). Profiting in Crisis: Exploring Private Equity’s Investments in Travel Nursing Amidst a Critical Nursing Shortage and a Pandemic. Private Equity Stakeholder Project.Google Scholar
Burke, L. (2023, May 26). US veterans defrauded by for-profit universities fight to restore benefits. Guardian.Google Scholar
Burrough, B., & Helyar, J. (2010). Barbarians at the Gate: The Fall of RJR Nabisco. Random House.Google Scholar
Bykowicz, J. (2023, March 13). Barney Frank pushed to ease financial regulations after joining Signature Bank board. Wall Street Journal.Google Scholar
Cambridge Associates. (2021). US Private Equity: Index and Selected Benchmark Statistics.Google Scholar
Carroll, L. (2023, March 19). Practices are increasingly corporately owned, and pets owners pay the price. Observer.Google Scholar
Case, A., & Deaton, A. (2020). Deaths of Despair and the Future of Capitalism. Princeton University Press.Google Scholar
Chetty, R., Hendren, N., Kline, P., & Saez, E. (2014). Where is the land of opportunity? The geography of intergenerational mobility in the United States. Quarterly Journal of Economics, 129(4), 1553–1623.CrossRefGoogle Scholar
Chhabra, K. R., McGuire, K., Sheetz, K. H. et al. (2020). Most patients undergoing ground and air ambulance transportation receive sizable out-of-network bills: An analysis of the prevalence and financial impact of out-of-network billing for ground and air ambulance transportation. Health Affairs, 39(5), 777–782.CrossRefGoogle Scholar
Chopra, R. (2018, July 24). Letter from Rohit Chopra, Commissioner of the Federal Trade Commission to Chairman Walden, Ranking Member Pallone, Chairman Harper, and Ranking Member DeGette of the House Energy and Commerce Committee, U.S. House of Representatives.Google Scholar
Christophers, B. (2023). Our Lives in Their Portfolios: Why Asset Managers Own the World. Verso Books.Google Scholar
Clark, G. (1995, December 10). Pension funds and urban investment: The design of alternative investment products. WPG96-1, SSRN.Google Scholar
Cobb, J. A. (2015). Risky business: Firms’ shifting of retirement risk and the decline of defined benefit pension plans. Organization Science, 26(5), 1332–1350.CrossRefGoogle Scholar
Colburn, G., Walter, R. J., & Pfeiffer, D. (2021). Capitalizing on collapse: An analysis of institutional single-family rental investors. Urban Affairs Review, 57(6), 1590–1625.CrossRefGoogle Scholar
Davis, S. J., Haltiwanger, J., Handley, K. et al. (2021). The (heterogenous) economic effects of private equity buyouts (NBER Working Paper No. 26371). National Bureau of Economic Research.Google Scholar
Davis, G. F., & Kim, S. (2015). Financialization of the economy. Annual Review of Sociology, 41, 203–221.CrossRefGoogle Scholar
Dorbian, I. (2017, September 14). Altaris Capital buys G&H Orthodontics from Riverside. PE Hub.Google Scholar
Douglass, E. (2017, July 8). Towns sell their public water systems – and come to regret it. The Washington Post.Google Scholar
Eason, B. (2023, February 16). American dream for rent: Investors slam tenants with fees, evictions. The Atlanta Journal-Constitution.Google Scholar
Easterbrook, F. H. (1984). Forward: The court and the economic system. Harvard Law Review, 98(1), 4–60.Google Scholar
Eaton, C., Howell, S. T., & Yannelis, C. (2020). When investor incentives and consumer interests diverge: Private equity in higher education. Review of Financial Studies, 33(9), 4024–4060.CrossRefGoogle Scholar
Effinger, A. & Burton, K. (2014, May 10). Investors bet on trailer parks for double-wide returns. Seattle Times.Google Scholar
Eliason, P. J., Heebsh, B., League, R. J., McDevitt, R. C., & Roberts, J. W. (2022, February). The effect of bundled payments on provider behavior and patient outcomes: Evidence from the dialysis industry. Duke University Working Paper.Google Scholar
Ellen, I. G., & Dastrup, S. (2012). Housing and the great recession. The Russell Sage Foundation & The Stanford Center on Poverty and Inequality.Google Scholar
Ewens, M., Gupta, A., & Howell, S. T. (2022). Local journalism under private equity ownership (NBER Working Paper No. 29743). National Bureau of Economic Research.Google Scholar
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325.CrossRefGoogle Scholar
Federal Reserve System. (2022). Profitability of credit card operations of depository institutions. Board of Governors of the Federal Reserve System Report to Congress: July.Google Scholar
Feldman, M. (2018). Financing a future: Investing in communities and keeping profits local. Società editrice il Mulino.Google Scholar
Feldman, M., Guy, F., & Iammarino, S. (2021). Regional income disparities, monopoly and finance. Cambridge Journal of Regions, Economy and Society, 14(1), 25–49.CrossRefGoogle Scholar
Fields, D. (2015). Contesting the financialization of urban space: Community organizations and the struggle to preserve affordable rental housing in New York City. Journal of Urban Affairs, 37(2), 144–165.CrossRefGoogle Scholar
Fields, D. (2018). Constructing a new asset class: Property-led financial accumulation after the Crisis. Economic Geography, 94(2), 118–140.CrossRefGoogle Scholar
Fields, D. (2022). Automated landlord: Digital technologies and post-crisis financial accumulation. Environment and Planning A: Economy and Space, 54(1), 160–181.CrossRefGoogle Scholar
Fields, D., & Vergerio, M. (2022). Corporate landlords and market power: What does the single-family rental boom mean for our housing future? UC Berkeley working paper.Google Scholar
Fleischer, V. (2008). Two and Twenty: Taxing partnership profits in private equity funds. New York University Law Review, 83(1), 1–59.Google Scholar
Florida, R. L., & Kenney, M. (1988). Venture capital, high technology and regional development. Regional Studies, 22(1), 33–48.CrossRefGoogle Scholar
Food & Water Watch. (2011). Selling Out Consumers: How Water Prices Increased after 10 of the Largest Water System Sales.Google Scholar
Friedman, M. (1970, September 13). A Friedman doctrine: The social responsibility of business is to increase its profits. New York Times.Google Scholar
Gallagher, C. (2023, August 23). Private equity on campus: Why college students are sleeping in cars. Naked Capitalism.Google Scholar
Gerstle, G. (2022). The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era. Oxford University Press.CrossRefGoogle Scholar
Gillers, H. (2022, January 10). Retirement funds bet bigger on private equity. Wall Street Journal.Google Scholar
Goldstein, D. (2022, December 16). Can child care be a big business? Private equity thinks so. New York Times.Google Scholar
Goodman, C. B., Hatch, M. E., & McDonald, B. D. III (2021). State preemption of local laws: Origins and modern trends. Perspectives on Public Management and Governance, 4(2), 146–158.CrossRefGoogle Scholar
Grant, M. (2013). Water privatization overview: Public interest perspective on for-profit, private sector provision of water and sewer services in the United States. Journal of Law in Society, 14(1), 167–192.Google Scholar
Guernsey, S., Sepe, S. M. & Serfling, M. (2021). Blood in the water: The value of antitakeover provisions during market shocks. Journal of Financial Economics, 1070–1090.Google Scholar
Gupta, A., Howell, S. T., Tannelis, C., & Gupta, A. (2021). Does private equity investment in healthcare benefit patient (NBER Working Paper Series). National Bureau of Economic Research.Google Scholar
Hall, P. A., & Thelen, K. (2009). Institutional change in varieties of capitalism. Socio-Economic Review, 7(1), 7–34.Google Scholar
Halleman, S. W. (2023, May 15). Envision healthcare files for chapter 11 bankruptcy. HealthCareDive.Google Scholar
Hamidi, S. (2020). Urban sprawl and the emergence of food deserts in the USA. Urban Studies, 57(8), 1660–1675.CrossRefGoogle Scholar
Hamlin, J. (2023a, March 31). Are private equity valuations too high – and would we know? PitchBook.Google Scholar
Hamlin, J. (2023b, January 10). “Warning signs’: PE could impact public pension plans” funding status this year. PitchBook.Google Scholar
Haspel, E. (2023). Toddlers and investors aren’t playmates: The threat of private equity in child care. Capita.Google Scholar
Hawryluk, M. (2022, September 22). Death is anything but a dying business as private equity cashes in. KFF Health News.Google Scholar
Himmelstein, D. U., Lawless, R. M., Thorne, D., Foohey, P., & Woolhandler, S. (2019). Medical bankruptcy: Still common despite the Affordable Care Act. American Journal of Public Health, 109, 431–433.CrossRefGoogle ScholarPubMed
Holland, M. (1989). When the Machine Stopped: A Cautionary Tale from Industrial America. Harvard Business School Press.Google Scholar
Hopkins, D. J. (2019). The Increasingly United States: How and Why American Political Behavior Nationalized. Chicago University Press.Google Scholar
Horowitz, J. M., Igielnik, R., & Kochhar, R. (2020, January). Trends in income and wealth inequality. Pew Research Center.Hospital Corporation of America. (2006). HCA enters into merger agreement with private equity consortium.Google Scholar
Ioramashvilli, C., Feldman, M. P., Guy, F., & Iammarino, S. (2023). Gathering round big tech: How monopoly, finance and start-up acquisitions reinforce US regional inequalities.Google Scholar
Ivory, D., Protess, B., & Bennet, K. (2016a, June 25). When you Dial 911 and Wall Street answers. The New York Times.Google Scholar
Ivory, D., Protess, B., & Palmer, G. (2016b, December 24). In American towns, private profits from public works. New York Times.Google Scholar
Jacobius, A. (2023, July 7). Private equity returns to fall below public index in 2023 – PitchBook. Pension&Investments.Google Scholar
Jarrell, G. A. (1983). State anti-takeover laws and the efficient allocation of corporate control: An economic analysis of Edgar v. MITE Corp. Supreme Court Economic Review, 2, 111–129.CrossRefGoogle Scholar
Judge, B. (2023). Neoliberalism by Default: The Triumph of Finance Over Democracy. Ph.D. dissertation, UC Berkeley.Google Scholar
Kalleberg, A. L. (2000). Nonstandard employment relations: Part-time, temporary and contract work. Annual Review of Sociology, 26, 341–365.CrossRefGoogle Scholar
Kamarck, E. C. & Gabriele, A. (2015, November 10). The news today: 7 trends in old and new media. Center for Effective Public Management at Brookings.Google Scholar
Kahn, L. (2024). Remarks by Chair Lina M. Khan As Prepared for Delivery Virtual Workshop on Private Equity in Health Care March 5, 2024. www.ftc.gov/system/files/ftc_gov/pdf/2024.03.05-chair-khan-remarks-at-the-virtual-workshop-on-private-equity-in-health-care.pdf.Google Scholar
Kaplan, S. (1989). Management buyouts: Evidence on taxes as a source of value. Journal of Finance, 44(3), 611–632.CrossRefGoogle Scholar
Karpoff, J. M., & Wittry, M. D. (2018). Institutional and legal context in natural experiments: The case of state antitakeover laws. Journal of Finance, 73(2), 657–714.CrossRefGoogle Scholar
Kelchen, R. (2017, January 11). How much do for-profit colleges rely on federal funds? Brookings Institution.Google Scholar
Kelly, M., & Kahn, K. (2022, May 19). Is private equity joining — or co-opting — the employee ownership movement? Fast Company.Google Scholar
Kelman, B., & Farmer, B. (2023, February 13). Doctors are disappearing from emergency rooms as hospitals look to cut costs. KFF Health News.Google Scholar
Kenney, M. (2011). How venture capital became a component of the US National System of Innovation. Industrial and Corporate Change, 20(6), 1677–1723.CrossRefGoogle Scholar
Kenney, M., Bearson, D., & Zysman, J. (2021). The platform economy matures: Measuring pervasiveness and exploring power. Socio-Economic Review, 19(4), 1451–1483.CrossRefGoogle Scholar
Kenney, M., & Zysman, J. (2016). The rise of the platform economy. Issues in Science and Technology, 32(3), 61–69.Google Scholar
KFF. (2009, March). National health insurance – A brief history of reform efforts in the U.S.Google Scholar
Kim, T. (2017, December 20). Gary Cohn: We ‘tried 25 times’ to cut hedge fund loophole in tax reform bill, but failed. CNBC.Google Scholar
Kolhatkar, S. (2021, March 8). What happens when investment firms acquire trailer parks. New Yorker.Google Scholar
Krippner, G. R. (2005). The financialization of the American economy. Socio-economic Review, 3(2), 173–208.CrossRefGoogle Scholar
Kuttner, R. (2022, January 14). Rollups: All monopolies are local. The American Prospect.Google Scholar
Lancieri, F., Posner, E. A., & Zingales, L. (2022). The Political Economy of the Decline of Antitrust Enforcement in the United States. Becker Friedman Institute Working Paper 2022–104.CrossRefGoogle Scholar
Lapook, J., & Kaplan, M. (2022, December 6). What they’ve done is extremely evil: Pennsylvania hospital shutdown spurs questions about private equity in health care. CBS News.Google Scholar
Lazonick, W. (2023). Investing in Innovation: Confronting Predatory Value Extraction in the US Corporation. Cambridge University Press.CrossRefGoogle Scholar
Lazonick, W., & O’Sullivan, M. (2000). Maximizing shareholder value: A new ideology for corporate governance. Economy and Society, 29(1), 13–35.CrossRefGoogle Scholar
Lerner, J., Ledbetter, J., Speen, A., Leamon, A. N. N., & Allen, C. (2016). Private equity in emerging markets: Yesterday, today, and tomorrow. Journal of Private Equity, 19(3), 8–20.Google Scholar
Light, L. (2022, June 30). Private equity cashes in as student housing deals surge. Chief Investment Officer.Google Scholar
Malone, T. (2023, June 16). Residential real estate: Largest US asset class but not biggest economic driver. Corelogic.Google Scholar
Mann, C. L., & Warner, M. E. (2019). Power asymmetries and limits to eminent domain: The case of Missoula water’s municipalization. Water Alternatives, 12(2), 725–737.Google Scholar
Markey, J., & Azorsky, G. (2023, May 9). Overlooked law states can use to get private equity out of health care decisions. Law.com.Google Scholar
Matthews, C. (2023, September 1). Private equity, hedge funds sue SEC over new disclosure rules. MarketWatch.Google Scholar
Mayer, R. M., & Beckel, M. (2009, November 23). Banking Committee Chairman Chris Dodd, a favorite of Wall Street, leads regulatory reform fight. Open Secrets.Google Scholar
McElhaney, A. (2022, December). Everyone wants to know what private assets are really worth. The truth: It’s complicated. Institutional Investor.Google Scholar
Sponsel, McGuire. (2022, April). Case Studies: Credits & Incentives G&H Orthodontics. McGuire Sponsel.Google Scholar
Melzer, B. (2011). The real costs of credit access: Evidence from the payday lending market. The Quarterly Journal of Economics, 126(1), 517–555.CrossRefGoogle Scholar
Merme, V., Ahlers, R., & Gupta, J. (2014). Private equity, public affair: Hydropower financing in the Mekong Basin. Global Environmental Change, 24, 20–29.CrossRefGoogle Scholar
Mesenbrink, J. (2023, May 25). Come on in, the water’s warm: Private equity and other outside influences are entering the PHVAC market. But why? Plumbing Perspective.Google Scholar
Miller, H. (2022, October 28). Single-family home rentals and the rise of large landlords. Investors Business Daily.Google Scholar
Mishel, L. (2022, September 2). Growing inequalities, reflecting growing employer power, have generated a productivity–pay gap since 1979. Economic Policy.Google Scholar
Morse, A. (2011). Payday lenders: Heroes or villains? Journal of Financial Economics, 102(1), 28–44.CrossRefGoogle Scholar
Muravchik, S., & Shields, J. A. (2023, September 7). Republicans in Wyoming see clearly what’s happening. New York Times.Google Scholar
Nareit. (2021). The estimated total dollar value of commercial real estate was $20.7 trillion as of 2021: Q2.Google Scholar
National Research Council (2002). Privatization of water services in the United States: An assessment of issues and experience. The National Academy Press.Google Scholar
Nunn, R., Parsons, J., & Shambaugh, J. (2019). Nine facts about state and local policy. Brookings.Google Scholar
O’Grady, E. (2022). The Kids Are Not Alright: How Private Equity Profits Off of Behavioral Health Services for Vulnerable and At-Risk Youth. Private Equity Stakeholder Project.Google Scholar
Olbert, M., & Severin, P. H. (2023). Private equity and local public finances. Journal of Accounting Research. 61(4), 1313–1362.CrossRefGoogle Scholar
Olson, L. K. (2022). Ethically Challenged: Private Equity Storms US Health Care. Johns Hopkins Press.CrossRefGoogle Scholar
Office of Attorney General Maura Healey. (2021, October 14). Private Equity Firm and Former Mental Health Center Executives Pay $25 Million Over Alleged False Claims Submitted for Unlicensed and Unsupervised Patient Care [Press release].Google Scholar
Open Secrets. (2023a, March). Summary, Private equity & investment firms. Open Secrets.Google Scholar
Open Secrets. (2023b, March). Totals, private equity & investment firms. Open Secrets.Google Scholar
Oreskes, N. & Conway, E.M. (2023). The Big Myth: How American Business Taught Us to Loathe Government and Love the Free Market. Bloomsbury.Google Scholar
Weiss, Paul. (2023). Blackstone Wins Unanimous Appellate Victory in $50 Billion Action Brought by Kentucky Attorney General.Google Scholar
Pearl, R. (2023, February 20). Private equity and the monopolization of medical care. Forbes.Google Scholar
Phalippou, L. (2020). An inconvenient fact: Private equity returns & the billionaire factory. Journal of Investing. 30(1), 11–39.CrossRefGoogle Scholar
Philippon, T. (2019). The Great Reversal: How American Gave up on Free Markets. Belknap Press.Google Scholar
Pierre-Louis, W. Jr. (2023, January 12). How private equity amplifies the abuse of predatory lending. Inequality.org.Google Scholar
Prete, R. (2022, September 14). Got a pet? There’s a good chance private equity backs your vet.Google Scholar
Protess, B., Silver-Greenberg, J., & Abrams, R. (July 14, 2016). How private equity found power and profit in state capitals. The New York Times.Google Scholar
Rafiel, Y. (2022, August 25). When private equity takes over a nursing home. New Yorker.Google Scholar
Reich, R. (1989, January 29). Leveraged buyouts: America pays the price. New York Times.Google Scholar
Richter, W. (2017, January 24). Financialization of rents gets taxpayer guarantees. Wolf Street.Google Scholar
Rodriguez-Pose, A. (2018). The revenge of the places that don’t matter (and what to do about it). Cambridge Journal of Regions, Economy and Society, 11(1), 189–209.CrossRefGoogle Scholar
Sanger-Katz, M., Creswell, J., & Abelson, R. (2019, September 19). Mystery solved: Private-Equity-Backed firms are behind ad blitz on ‘Surprise Billing’. New York Times.Google Scholar
Sasso, M. (2023, July 12).Why private equity is chasing plumbers and lumber yards. Bloomberg News.Google Scholar
Scheffler, R. M., Alexander, L., Fulton, B. D., Arnold, D. R., & Abdelhadi, O. A. (2023). Monetizing medicine: Private equity competition in physician practice markets. American Antitrust Institute.Google Scholar
Scheffler, R. M., Alexander, L. M., & Godwin, J. R. (2021). Soaring private equity investment in the healthcare sector: Consolidation accelerated, competition undermined, and patients at risk. American Antitrust Institute.Google Scholar
Schulte, F. (2022, November 14). Sick profit: Investigating private equity’s stealthy takeover of health care across cities and specialties. KFF Health News.Google Scholar
Schultz, E. E .(2011). Retirement heist: How companies plunder and profit from the nest eggs of American workers. Penguin Group.Google Scholar
Scola, Nancy. (2012, April 14). Exposing ALEC: How conservative-backed state laws are all connected. The Atlantic.Google Scholar
Selbst, S. (2020). First circuit rules that Sun Capital Funds not part of “Controlled Group” and not liable for pension plan withdrawal liability. Herrick.Google Scholar
Sheiner, L. (2023). The sustainability of state & local pensions: A public finance approach, 23–8. Center for Retirement Research at Boston College.Google Scholar
Sherman, E. (2022, May 02). Are institutional investors helping sink the home market? Globest.com.Google Scholar
Shuman, M. (2020, June 17). In Print: Put Your Money Where Your Life Is: How to Invest Locally Using Self-Directed IRAs and Solo 401(k)s. Stanford Lawyer.Google Scholar
Slattery, C., & Zidar, O. (2020). Evaluating state and local business incentives. Journal of Economic Perspectives, 34(2), 90–118.Google Scholar
Sokol, D. D., Bensley, S., & Crook, M. (2020). Measuring the Antitrust Revolution. The Antitrust Bulletin, 65(4), 499–514.CrossRefGoogle Scholar
Stegman, M. A. (2007). Payday lending. Journal of Economic Perspectives, 21(1), 169–190.CrossRefGoogle Scholar
Sullivan, E. (2018). Manufactured Insecurity: Mobile Home Parks and Americans’ Tenuous Right to Place. University of California Press.CrossRefGoogle Scholar
Surowiecki, J. (2012). “Private Inequity”, The New Yorker. January 22. www.newyorker.com/magazine/2012/01/30/private-inequity#:~:text=The%20real%20reason%20that%20we,the%20U.S.%20tax%20system%20works.Google Scholar
Swindell, D., Svara, J. H., & Stenberg, C. (2018). Local government options in the era of state preemption. Local Government Review, 100(6), 8–13.Google Scholar
Szpaller, K. (2021, December 23). City of Missoula loses “bad faith” claims in water case, may be on the hook for millions. Daily Montanan.Google Scholar
Tasch, W. (2008). Inquiries into the Nature of Slow Money: Investing as if Food, Farms, and Fertility Mattered. Chelsea Green.Google Scholar
Tkacik, M. (2022, November 4). The private equity guys trying to shoplift a supermarket chain before they sell it. Slate.Google Scholar
Toyou, D. D. (2018). Protection of private equity investors under the Dodd-Frank Act. Journal of Law and Commerce, 37(2), 115–166.Google Scholar
United States Government Accountability Office. (2019). Air Ambulance: Available Data Show Privately-Insured Patients Are at Financial Risk.Google Scholar
US Census Bureau. (2023, May 2023). Historical income tables: Income inequality. US Census Bureau.Google Scholar
US Department of Justice. (2016, May 31). Former CalPERS CEO Sentenced To 54 Months’ Imprisonment for Role In Corruption Conspiracy.Google Scholar
US Department of the Treasury. (2022, December 6). Treasury announces seven additional states to receive up to $1.5 billion from U.S. Treasury Department to promote small business growth and entrepreneurship through the American Rescue Plan. US Department of the Treasury.Google Scholar
U.S. Securities and Exchange Commission. (2023, August 23). SEC Enhances the Regulation of Private Fund Advisers [Press release].Google Scholar
Vogell, H. (2022a, February 7). When private equity becomes your landlord. Propublica.Google Scholar
Vogell, H. (2022b, October 15). Rent going up? One company’s algorithm could be why. Propublica.Google Scholar
Wagner, S., Davidson, N. M., Haddow, K. et al. (2019). Restoring city rights in an era of preemption: A municipal action guide. National League of Cities.Google Scholar
Wamhoff, S., & Hughes, J. (2022, December 6). Reversing the stricter limit on interest deductions: Another huge tax break for private equity. Institute on Taxation and Economic Policy. https://itep.org/reversing-the-stricter-limit-on-interest-deductions-another-huge-tax-break-for-private-equity/.Google Scholar
Webber, A. M. (1993). What’s so new about the new economy? Harvard Business Review, 71(1), 24–33.Google Scholar
Weiser, M. (2017, December 20). Private no more: Montana city takes control of its water system. New Humanitarian.Google Scholar
Weiss, Paul. (2023). Blackstone Wins Unanimous Appellate Victory in $50 Billion Action Brought by Kentucky Attorney General.Google Scholar
Whoriskey, P. (2018, July 1). “A way of monetizing poor people”: How private equity firms make money offering loans to cash-strapped Americans. The Washington Post.Google Scholar
Wolfson, B. J. (2022, December 22). doctors call private equity staffing practices illegal and seek to ban them. KFF Health News.Google Scholar
Woodall, P., & Valdes-Viera, O. (2020). Double exposure: Retail workers hammered by combo crisis of pandemic and private equity. Americans for Financial Reform Education Fund.Google Scholar
Yamin, R. J. (1984). The Achilles heel of the takeover: Nature and scope of successor corporation products liability in asset acquisitions. Harvard Journal of Law and Public Policy, 7, 185–258.Google Scholar
Yong, S. (2023, February 24). Canada’s $10-a-day daycare program: A guide for families. MoneySense.Google Scholar
Zessoules, D. (2022, April 25). Enduring lessons from the Pittsburgh & Flint water crises. Demos.Google Scholar
Zhu, J. M., Rooke-Ley, H., & Brown, E. F. (2023). A doctrine in name only-strengthening prohibitions against the corporate practice of medicine. New England Journal of Medicine, 389 (11), 365–368.CrossRefGoogle Scholar
Zorn, D., Dobbin, F., Dierkes, J., & Kwok, M. S. (2005). Managing investors: How financial markets reshaped the American firm. In Knorr-Cetina, K., & Preda, A. (Eds.), The sociology of financial markets, 269–289 . Oxford: Oxford University.Google Scholar
- 2
- Cited by