In stark contrast to the findings based on domestic Mamp;A transactions, we find that the developed-market acquirers experience positive and significant announcement returns in transactions that involve an emerging-market target. On average, over the 1988-2003 period, developed-market acquirer...

Using a database that covers all transactions that involve a developed-market acquirer and an emerging-market target from 1988-2002, this paper studies the stock market's reaction to acquisition announcements in emerging markets. The evidence suggests that the stock market anticipates...

How does access to public equity markets affect real outcomes? We examine the human capital of IPO-filing firms and how going public affects their labor force. While IPO-filing firms have high average wages and limited industrial diversification, a success-ful IPO increases departures of...

We examine the effect of paying higher wages on firm performance during the 2008 financial crisis. To identify variation in wages, we rely on heterogeneity in the timing of long-term wage agreements for a sample of UK firms. We instrument for firms signing long-term agreements overlapping with...

Why do young firms pay less? Previous studies have argued that employees willingly accept lower wages at new firms in response to offsetting benefits. A second literature argues that lower wages at new firms are driven by the selection of lower quality workers into new firms, firms which are...

Financial regulators and investors alike have expressed concerns about high pay inequality within firms. Using a proprietary data set of public and private firms, this paper shows that firms with higher pay inequality – relative wage differentials between top- and bottom-level jobs – are...

We examine how within-firm skill premia – wage differentials associated with jobs involving different skill requirements – vary both across firms and over time. Our firm-level results mirror patterns found in aggregate wage trends, except that we find them with regard to increases in firm...

We present evidence that some firms pursue mergers with an objective of acquiring and retaining the target firm's employees. Acquirers wishing to obtain employees via an acquisition will likely pursue firms with an important set of skilled employees who are difficult to obtain elsewhere and may...

Using matched employee-employer US Census data, we examine the effect of a successful initial public offering (IPO) on employee departures to startups. Accounting for the endogeneity of a firm's choice to go public, we find strong evidence that going public induces employees to leave for...