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Private Equity, Layoffs, and Job Polarization

Olsson, Martin; Tåg, Joacim - Institutet för Näringslivsforskning (IFN) - 2015

Although private equity firms are often criticized for layoffs, little evidence exists regarding which employees lose their jobs and why. We argue that explanations for the job polarization process can also explain layoffs after buyouts. Buyouts reduce agency problems, which triggers automation,...

Persistent link: https://www.econbiz.de/10011262892

Entrepreneurship and the Theory of Taxation

Henrekson, Magnus; Sanandaji, Tino - Institutet för Näringslivsforskning (IFN) - 2008

Taxation theory rarely takes entrepreneurship into consideration. We discuss how this omission affects conclusions derived from standard models of capital taxation when applied to entrepreneurial income. Some of the defining features of entrepreneurship often omitted by standard capital taxation...

Persistent link: https://www.econbiz.de/10005082489

Mental Accounting in the Housing Market

Almenberg, Johan; Karapetyan, Artashes - Institutet för Näringslivsforskning (IFN) - 2009

We use a survey to identify a consumer bias with regard to different sources of debt-financing. Less salient debt may generate psychological benefits. This should be weighed against the possible economic costs of a sub-optimal capital structure; but low levels of financial literacy make it...

Persistent link: https://www.econbiz.de/10005025462

Private Equity and Employees

Olsson, Martin; Tåg, Joacim - Institutet för Näringslivsforskning (IFN) - 2012

a private equity buyout. Unemployment risk declines despite lower employment growth for continuing establishments … – attributable to hiring freezes rather than to layoffs – and a lack of change in firm level employment growth. A plausible … explanation is relaxed financial constraints: the effects are strongest in industries dependent on external finance for growth …

Persistent link: https://www.econbiz.de/10010538870

Taxes and the Choice of Organizational Form by Entrepreneurs in Sweden

Edmark, Karin; Gordon, Roger - Institutet för Näringslivsforskning (IFN) - 2012

This paper makes use of individual data for 2004 to 2008 on owners of closely-held businesses in Sweden to estimate the role of both tax and non-tax determinants in the choice to be a closely-held corporation vs. a proprietorship. While lower-income individuals face relatively neutral...

Persistent link: https://www.econbiz.de/10010539860

What Can International Finance Add to International Strategy?

Oxelheim, Lars; Randoy, Trond; Stonehill, Arthur - Institutet för Näringslivsforskning (IFN) - 2011

This chapter focuses on the role of corporate financial strategies to improve firms’ market valuations, and thus lower their cost of capital. The identification of successful strategies is accomplished within an overall strategic framework and related to how the firm perceives the degree of...

Persistent link: https://www.econbiz.de/10009386418

Globalization of Corporate Covernance: The American Influence on Dismissal Performance Sensitivity of European CEOs

Jungeilges, Jochen A.; Oxelheim, Lars; Randoy, Trond - Institutet för Näringslivsforskning (IFN) - 2010

This study examines how globalization of corporate governance practices influence the risk of European CEOs being dismissed. We argue that the harsh monitoring of the American corporate governance system spills over to the rest of the world as a result of this globalization. We focus on direct...

Persistent link: https://www.econbiz.de/10008562416

The CFO’s Information Challenge in Managing Macroeconomic Risk

Oxelheim, Lars; Wihlborg, Clas; Thorsheim, Marcus - Institutet för Näringslivsforskning (IFN) - 2010

In this chapter we examine the role of the CFO in setting risk management strategy with respect to macroeconomic risk, in particular, and we consider the information requirements for setting a strategy that is consistent with corporate objectives. We argue that macroeconomic risk management...

Persistent link: https://www.econbiz.de/10008548992

Exposure-Based Cash-Flow-at-Risk for Value-Creating Risk Management under Macroeconomic Uncertainty

Andrén, Niclas; Jankensgård, Håkan; Oxelheim, Lars - Institutet för Näringslivsforskning (IFN) - 2010

A strategically minded CFO will realize that strategic corporate risk management is about finding the right balance between risk prevention and proactive value generation. Efficient risk and performance management requires adequate assessment of risk and risk exposures on the one hand and...

Persistent link: https://www.econbiz.de/10008553046

Buying to Sell: A Theory of Buyouts

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - Institutet för Näringslivsforskning (IFN) - 2010

Private equity owned firms have more leverage, more intense compensation contracts, and higher productivity than comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are more aggressive in inducing restructuring compared to...

Persistent link: https://www.econbiz.de/10008476275