Abstract: To address the question as to whether managers manipulate accounting numbers downwards prior to management buyouts (MBOs), we implement an industry-adjusted buyout-specific approach and receive an affirmative answer. In UK buyout companies, negative earnings manipulation (understating...

This paper develops and tests new theory about the determinants of value creation in unrelated multibusiness firms from a resource-based perspective. The authors argue that the availability of "headquarter resources", which are at the basis of headquarter services provided to the business units,...

This paper provides an overview of the possible linkages between state-owned banks, privatization, and banking sector crises. Data on privatizations in over 65 countries is used together with data from the banking crisis literature to consider the relationship between state-owned banks and...

The theory of behavioral economics examines the behavior of individuals in markets in order to examine, explain and predict individual behavior. The psychology of behavior has evolved in order to explain the impact of emotions and most common cognitive errors in the decision-making process of...

We extend the research on the drivers of holding period firm-level returns in private equity (PE)-backed buyouts by examining deal-, industry-, and macroeconomic-level drivers and their interaction. To conduct our study, we use a comprehensive and hand-collected dataset covering exited buyouts...

"In der Arbeit wird die Beschäftigungsentwicklung von Betrieben, die 1985 in München und Oberbayern gegründet wurden, während der ersten vier Jahre ihres Bestehens verfolgt. Durch diese neuen Unternehmen entstand im Jahre 1985 ein Stellenzuwachs von etwa 3,5%. Die Zahl neugeschaffener...

"Mit Blick auf ihr Potential zur Schaffung neuer Arbeitsplätze gelten neugegründete Kleinbetriebe vielfach als Hoffnungsträger der Beschäftigungspolitik. Grund zur Hoffnung kann es allerdings nur für diejenigen Betriebe geben, die tatsächlich über einen längeren Zeitraum hinweg bestehen...

"This paper investigates how founders' experience and professional background affect the duration of periods of self-employment, and to what extent the duration is affected by a balanced skill set in particular. In this context, an occupational choice framework based on a competing risk setting...

"This paper examines the impact of minimum wage in a dominant firm model. It is shown that in a labor-intensive market, the introduction of a binding minimum wage creates an entry barrier in the short run and increases unemployment in the long run." (Author's abstract, IAB-Doku) ((en))

"This paper explores how different levels of regional concentration and specialisation affect the long-term growth of young firms. The sample consists of knowledge-intensive and non-knowledge-intensive western German manufacturing firms which were set-up in 1992 and managed to survive 11 years....