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Private Equity and Employment
Davis, Steven J. - 2014
150,000 establishments before and after acquisition, comparing outcomes to controls similar in terms of industry, size …
Persistent link: https://www.econbiz.de/10013067389
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How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed
Andrade, Gregor; Kaplan, Steven N. - 2021
This paper studies thirty-one highly leveraged transactions (HLTs) of the 1980s that subsequently became financially distressed. At the time of distress, all sample firms have operating margins that are positive and in the majority of cases greater than the median for the industry. Therefore, we...
Persistent link: https://www.econbiz.de/10013232902
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Firm Heterogeneity, Endogenous Entry, and the Business Cycle
Ottaviano, Gianmarco I.P. - 2011
This paper investigates the role that the entry and exit of heterogeneous firms plays in shaping aggregate fluctuations in economic activity. In so doing, it develops a dynamic stochastic general equilibrium model in which procyclical entry and countercyclical exit along a real business cycle...
Persistent link: https://www.econbiz.de/10013120283
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Trade Reforms and Market Selection : Evidence from Manufacturing Plants in Colombia
Eslava, Marcela - 2009
We use plant output and input prices to decompose the profit margin into four parts: productivity, demand shocks, mark-ups and input costs. We find that each of these market fundamentals are important in explaining plant exit. We then use variation across sectors in tariff changes after the...
Persistent link: https://www.econbiz.de/10013160154
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Bailouts, the Incentive to Manage Risk, and Financial Crises
Panageas, Stavros - 2010
A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm …'s debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to …
Persistent link: https://www.econbiz.de/10013152555
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Tracing the Woes : An Empirical Analysis of the Airline Industry
Berry, Steven - 2010
The U.S. airline industry went through tremendous turmoil in the early 2000's. There were four major bankruptcies and two major mergers, with all legacy carriers reporting a large profit reduction. This paper presents a structural model of the airline industry, and estimates the impact of demand...
Persistent link: https://www.econbiz.de/10012758133
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Corporate Bond Default Risk : A 150-Year Perspective
Giesecke, Kay - 2010
We study corporate bond default rates using an extensive new data set spanning the 1866-2008 period. We find that the corporate bond market has repeatedly suffered clustered default events much worse than those experienced during the Great Depression. For example, during the railroad crisis of...
Persistent link: https://www.econbiz.de/10013146263
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Examining the Incidence of Downsizing and its Effect on Establishment Performance
Cappelli, Peter - 2021
The interest in examining job security and job stability has been driven in part by the phenomenon of downsizing. The … distinctiveness of downsizing, as opposed to more traditional layoffs, is that the job cuts do not necessarily appear to be driven by … shortfalls in demand but instead appear to be driven by the search for operating efficiencies. Despite the interest in downsizing …
Persistent link: https://www.econbiz.de/10013245100
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The Economic Performance of Survivors after Layoffs : a Plant-Level Study
Ichniowski, Casey - 2021
This study tests for the empirical relationship between layoffs and the economic performance of workers who remain after the layoffs. Previous studies performed in laboratory settings have often found increases in the efficiency of workers after layoffs. This analysis is the first to test for...
Persistent link: https://www.econbiz.de/10013311924
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Corporate Acquisitions, Diversification, and the Firm's Lifecycle
Arikan, Asli M. - 2011
, we find that the acquisition rate of firms (defined as the number of acquisitions in an IPO cohort-year divided by the … have a lower acquisition rate of public firms than mature firms, but the opposite is true for acquisitions of private firms … acquisition is a diversifying acquisition. The stock market reacts more favorably to acquisitions by young firms than to …
Persistent link: https://www.econbiz.de/10013119963