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Fascinating, important research: PE has stopped being efficiency increasing.
Why?
Dumb money.
RT @SVNieuwerburgh: @VrindaMittal2 3⃣ Results until 2011 confirm productivity-enhancing role of PE found in Davis, Haltiwanger, Handley, Lerner, Lipsius, Miranda (2021). But productivity results post-2011 reverse dramatically.
