We explore how changes in ownership and managerial control affect the productivity and profitability of producers … gains in capacity utilization that raised both their productivity and profitability levels, consistent with acquiring owner … century, we find a more nuanced picture than the straightforward "higher productivity buys lower productivity" story commonly …

We explore how changes in ownership and managerial control affect the productivity and profitability of producers … gains in capacity utilization that raised both their productivity and profitability levels, consistent with acquiring owner … century, we find a more nuanced picture than the straightforward "higher productivity buys lower productivity" story commonly …

We explore how changes in ownership and managerial control affect the productivity and profitability of producers … gains in capacity utilization that raised both their productivity and profitability levels, consistent with acquiring owner … century, we find a more nuanced picture than the straightforward "higher productivity buys lower productivity" story commonly …

We explore how changes in ownership and managerial control affect the productivity and profitability of producers … gains in capacity utilization that raised both their productivity and profitability levels, consistent with acquiring owner … century, we find a more nuanced picture than the straightforward “higher productivity buys lower productivity” story commonly …

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find …