全球智库信息集成服务系统(G2TT): Private Equity, Jobs, and Productivity

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19458
来源ID	Working Paper 19458
	Private Equity, Jobs, and Productivity
	Steven J. Davis; John C. Haltiwanger; Kyle Handley; Ron S. Jarmin; Josh Lerner; Javier Miranda
发表日期	2013-09-19
出版年	2013
语种	英语
摘要	Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers U.S. buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing them to controls defined by industry, size, age, and prior growth. Relative to controls, employment at target establishments falls 3 percent over two years post buyout and 6 percent over five years. However, target firms also create more new jobs at new establishments, and they acquire and divest establishments more rapidly. Considering all adjustment margins, relative net job loss at target firms is a modest one percent of employment over two years post buyout. In contrast, the sum of gross job creation and destruction at target firms exceeds that of controls by 14 percent of employment over two years. Buyouts also bring TFP gains at target firms and reductions in earnings per worker. Productivity gains arise mainly from an accelerated exit of less productive establishments and greater entry of more productive ones - that is, from a directed reallocation of jobs within target firms.
主题	Microeconomics ; Households and Firms ; Labor Economics ; Labor Compensation ; Unemployment and Immigration
URL	https://www.nber.org/papers/w19458
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/577132
推荐引用方式 GB/T 7714	Steven J. Davis,John C. Haltiwanger,Kyle Handley,et al. Private Equity, Jobs, and Productivity. 2013.