We study the human-capital effects of private equity buyouts in Germany. We conduct matched-sample difference-in-differences estimations at the establishment and at the individual employee level with more than 152,000 buyout employees and a carefully matched control group. Buyouts are followed...

More than any other form of restructuring or ownership change, Private Equity (PE) buyouts have received public criticism for their allegedly ruthless treatment of employees. Over the past decade, a body of empirical academic work has evolved, trying to understand the extent to which PE buyouts...