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relatively low in value added per employee at the time of takeover and before, a characteristic we take to indicate relatively …-term recoveries after takeover from the misfortunes of the takeover year and a return to higher growth rates of employment and output … year or two after takeover but seem to have increased their profitability or efficiency relative to their industries. The …
Persistent link: https://www.econbiz.de/10012786214
Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...
Persistent link: https://www.econbiz.de/10012760742
Do labor regulations influence the reaction of stock markets and firm profitability to cross-border acquisitions? We discover that acquiring firms enjoy smaller abnormal stock returns and profits when targets are in countries with stronger labor protection regulations, i.e., in countries where...
Persistent link: https://www.econbiz.de/10013021471
We develop an assignment theory to analyze the volume and composition of foreign direct investment (FDI). Firms conduct … FDI by either engaging in greenfield investment or in cross-border acquisitions. Cross-border acquisitions involve firms … trading heterogeneous corporate assets to exploit complementarities, while greenfield FDI involves building a new plant in the …
Persistent link: https://www.econbiz.de/10013218332
This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are...
Persistent link: https://www.econbiz.de/10013226196
. Foreign takeover of a domestically-owned plant, on average, brings a large immediate expansion of employment …
Persistent link: https://www.econbiz.de/10013144499
present new empirical evidence, based on the analysis of panel data from Great Britain collected from 1991-1999, that FDI …
Persistent link: https://www.econbiz.de/10013220072
A central organizing framework of the voluminous recent literature studying changes in the returns to skills and the evolution of earnings inequality is what we refer to as the canonical model, which elegantly and powerfully operationalizes the supply and demand for skills by assuming two...
Persistent link: https://www.econbiz.de/10013116038
We study variation in skill demands for professionals across firms and labor markets. We categorize a wide range of keywords found in job ads into ten general skills. There is substantial variation in these skill requirements, even within narrowly defined occupations. Focusing particularly on...
Persistent link: https://www.econbiz.de/10012958585
We show that administrative hourly wage data exhibits considerable bunching at round numbers that cannot be explained by rounding of survey respondents. We consider two explanations—worker left-digit bias and employer optimization frictions. We experimentally rule out left-bunching by...
Persistent link: https://www.econbiz.de/10012911485