| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17399 |
| 来源ID | Working Paper 17399 |
| Private Equity and Employment | |
| Steven J. Davis; John C. Haltiwanger; Ron S. Jarmin; Josh Lerner; Javier Miranda | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing outcomes to controls similar in terms of industry, size, age, and prior growth. Relative to controls, employment at target establishments declines 3 percent over two years post buyout and 6 percent over five years. The job losses are concentrated among public-to-private buyouts, and transactions involving firms in the service and retail sectors. But target firms also create more new jobs at new establishments, and they acquire and divest establishments more rapidly. When we consider these additional adjustment margins, net relative job losses at target firms are less than 1 percent of initial employment. In contrast, the sum of gross job creation and destruction at target firms exceeds that of controls by 13 percent of employment over two years. In short, private equity buyouts catalyze the creative destruction process in the labor market, with only a modest net impact on employment. The creative destruction response mainly involves a more rapid reallocation of jobs across establishments within target firms. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Labor Economics ; Labor Supply and Demand ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w17399 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575073 |
| 推荐引用方式 GB/T 7714 | Steven J. Davis,John C. Haltiwanger,Ron S. Jarmin,et al. Private Equity and Employment. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17399.pdf（432KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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