Productivity, Restructuring, and the Gains from Takeovers
نویسندگان
چکیده
منابع مشابه
Productivity, Restructuring and the Gains from Takeovers
Little is known about the underlying sources of gains from takeovers. Using plant-level data from the U.S. Census Bureau, I show that one source of gains is increased productivity of capital and labor in target plants. In particular, acquirers significantly reduce investments, wages, and employment in target plants, though output is unchanged relative to comparable plants. Acquirers also aggres...
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In the research literature on UK take-overs there seems to be an apparent conundrum. First, it appears that, in general, the market anticipates overall equity cash flow gains from a take-over in the sense that the share price of the acquiree firm typically increases relative to some appropriately market-adjusted benchmark over the period of time from the announcement of the take-over to the dat...
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This paper argues that unemployment insurance increases labor productivity by encouraging workers to seek higher productivity jobs, and by encouraging firms to create those jobs. We use a quantitative model to investigate whether this effect is comparable in magnitude to the standard moral hazard effects of unemployment insurance. Our model economy captures the behavior of the U.S. labor market...
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JEL classification: F1 F12 We show theoretically and confirm empirically that domestic productivity has a significant impact on the demand for foreign varieties under the assumption that domestic and foreign varieties are imperfect substitutes. In particular, the demand for imported varieties ismore elastic for countries with comparative advantage. For an average good facing a median trade barr...
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We are motivated by attempts to understand the rapid growth in US productivity, particularly in ICT using sectors. We note that one of the largest changes in the US economy over the later part of the 1990s was the rapid growth in sectors that produce intermediate services, suggesting that a large number of US firms were restructuring and outsourcing services. The UK experienced some of these sa...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1777464