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Post-merger restructuring of the labor force
Gehrke, Britta; Maug, Ernst; Obernberger, Stefan; … - 2021
We study the restructuring of the labor force after mergers and acquisitions. Overall restructuring is large. Net … employment of targets declines by more than half within two years after acquisitions relative to a matched sample, and is … younger and less expensive. Mergers create internal labor markets, which are more active if firms have more managerial …
Persistent link: https://www.econbiz.de/10012519948
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Family ownership, workplace closure and the recession
Bryson, Alex; Dale-Olsen, Harald; Gulbrandsen, Trygve - 2016
Using nationally representative Norwegian data we show family-owned workplaces are less likely to close than observationally similar non-family-owned workplaces. But this changed during the Crisis when the family businesses' closure hazard soared. This hike in 2009 was not related to performance...
Persistent link: https://www.econbiz.de/10011457366
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Privatization and productivity in Romanian industry : evidence from a comprehensive enterprise panel
Earle, John S.; Telegdy, Álmos - 2001
We construct and analyze a unique database with 1992-99 information on privatization transactions and labor productivity for the entire surviving population of initially state-owned industrial corporations in Romania. The data permit us to describe the post-privatization ownership structure and...
Persistent link: https://www.econbiz.de/10011402871
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Comments on the 2023 draft merger guidelines : a labor market perspective
Berger, David; Hasenzagl, Thomas; Herkenhoff, Kyle; … - 2023
The DOJ and FTC clarify the role of labor market power ("monopsony") in the 2023 draft merger guidelines. The draft states in Guideline 11 that the structural presumption threshold applies to labor market concentration, while also suggesting that a stricter threshold may be warranted in labor...
Persistent link: https://www.econbiz.de/10014335050
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Badge of honor or scarlet letter? : unpacking investors' judgment of entrepreneurs' past failure
Zunino, Diego; Praag, Mirjam van; Dushnitsky, Gary - 2017
Research shows that most ventures fail, yet it has devoted limited attention to the consequences of entrepreneurs' past failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both. Therefore, failure conveys ambiguous information about...
Persistent link: https://www.econbiz.de/10011732046
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The returns to entrepreneurship : evidence from matched person-firm data
Praag, Mirjam van; Raknerud, Arvid - 2017
Empirical studies show low pecuniary returns of switching from wage employment to entrepreneurship. We reconsider the pecuniary gains of this switching by employing a two-stage procedure, where the randomness in the timing of inheritance transfers is used as an exclusion restriction to identify...
Persistent link: https://www.econbiz.de/10011732049
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Not so lucky any more : CEO compensation in financially distressed firms
Kang, Qiang (contributor); Mitnik, Oscar A. (contributor) - 2008
There is a debate on whether executive pay reflects rent extraction due to "managerial power" or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S. public...
Persistent link: https://www.econbiz.de/10003779098
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The KfW/ZEW start-up panel : design and research potential
Fryges, Helmut; Gottschalk, Sandra; Kohn, Karsten - 2009
So far, there has been no data set which observes firm formations in Germany not only on a cross-sectional basis using one-time surveys, but continuously over a number of years. Therefore, the Centre for European Economic Research (ZEW), KfW Bankengruppe and Creditreform set up a panel study of...
Persistent link: https://www.econbiz.de/10003900570
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Investor protection and the value of shares : evidence from statutory rules governing variations of shareholders’ class rights in Russia
Muravyev, Alexander - 2009
This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10003932236
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The value of business networks in emerging economies : an analysis of firms' external financing opportunities
Owolabi, Oluwarotimi; Pal, Sarmistha - 2011
The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen...
Persistent link: https://www.econbiz.de/10009307402