Knowledge that Transforms

Steve has made academic contributions to the study and understanding of private equity (PE), LBOs, venture capital (VC), corporate finance, corporate governance, and top executive talent.That work has also influenced industry/practitioners.Nineteen of his papers have accumulated more than 1,000 citations in Google Scholar including at least one in each of the five decades since the 1980s.Kaplan's work on PE began with his doctoral dissertation on LBOs.LBOs emerged

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ABSTRACT Aggregate U.S. bank lending to firms expanded following the outbreak of COVID‐19. Using loan‐level supervisory data, we show that this expansion was driven by draws on credit lines by large firms. Banks that experienced larger credit line drawdowns restricted term lending more, crowding out credit to smaller firms, which reacted by reducing investment. A structural model calibrated to match our empirical results shows that while credit lines increase total bank credit in bad times, they redistribute credit from firms with high propensities to invest to firms with low propensities to invest, exacerbating the decrease in aggregate investment.