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Buying to sell : private equity buyouts and industrial restructuring

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2013

We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...

Persistent link: https://www.econbiz.de/10009772935

Gender diversity, labour in the boardroom and gender quotas

Kunze, Astrid; Scharfenkamp, Katrin - 2022

This study investigates boards of (non-executive) directors and whether employee representation has a positive effect on gender diversity on boards. We exploit rich, newly assembled board–director matched panel data for Norway and Germany, which contain unique information on whether a director...

Persistent link: https://www.econbiz.de/10013445521

Multiproduct mergers and the product mix in domestic and foreign markets

Chan, Jackie M.L.; Irlacher, Michael; Koch, Michael - 2022

This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal mergers in a theoretical model where oligopolistic...

Persistent link: https://www.econbiz.de/10013186438

Growth and earnings persistence in banking firms: a dynamic panel investigation

Shehzad, Choudhry Tanveer; Haan, Jakob de; Scholtens, Bert - 2009

This paper investigates (i) whether growth and profitability persist in banking firms, (ii) whether the level and volatility of growth and profitability are bank-size dependent, and (iii) the relationship between growth and profitability of a bank. Using a dynamic panel model estimated by GMM...

Persistent link: https://www.econbiz.de/10003883061

The dynamics of automation adoption : firm-level heterogeneity and aggregate employment effects

Bisio, Laura; Cuzzola, Angelo; Grazzi, Marco; … - 2023

effect on the adopters' employment and on the value-added and average wage, whereas sales and productivity increase after an … initial drop with a net positive effect five years after adoption. Crucially, the employment effect is heterogeneous across … technologies has an overall negative effect on aggregate employment. …

Persistent link: https://www.econbiz.de/10014383690

Adjusting to transitory shocks : worker impact, firm channels, and (lack of) income support

Fernandes, Ana Margarida; Silva, Joana - 2023

the universe of cash transfer, unemployment insurance, and training beneficiaries. Negative employment effects take over a … permanently skilled workers while reducing unskilled workers. Brazilian workers suffer smaller employment losses in highly …, employment and productivity) downsizing. Unemployment insurance and cash transfers yield limited wage loss replacement (6 percent …

Persistent link: https://www.econbiz.de/10014289765

CEO preferences and acquisitions

Jenter, Dirk; Lewellen, Katharina - 2011

This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...

Persistent link: https://www.econbiz.de/10009412377

Common ownership, competition, and top management incentives

Antón, Miguel; Ederer, Florian; Giné, Mireia; … - 2016

We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...

Persistent link: https://www.econbiz.de/10011561142

Bait and Switch : how do Chinese firms use proceeds from seasoned equity offerings

Bo, Hong; Huang, Zhongnan; Sterken, Elmer - 2015

We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999 - 2006, we find that firms do not use unspecified SEO proceeds on...

Persistent link: https://www.econbiz.de/10010477889

Disagreement and optimal security design

Ortner, Juan M.; Schmalz, Martin C. - 2018

We study optimal security design when the issuer and market participants agree to disagree about the characteristics of the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement between issuer and investors, whereas tranching a...

Persistent link: https://www.econbiz.de/10011795041

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