| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26371 |
| 来源ID | Working Paper 26371 |
| The (Heterogenous) Economic Effects of Private Equity Buyouts | |
| Steven J. Davis; John C. Haltiwanger; Kyle Handley; Ben Lipsius; Josh Lerner; Javier Miranda | |
| 发表日期 | 2019-10-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever compiled, encompassing thousands of buyout targets from 1980 to 2013 and millions of control firms. Employment shrinks 13% over two years after buyouts of publicly listed firms – on average, and relative to control firms – but expands 13% after buyouts of privately held firms. Post-buyout productivity gains at target firms are large on average and much larger yet for deals executed amidst tight credit conditions. A post-buyout tightening of credit conditions or slowing of GDP growth curtails employment growth and intra-firm job reallocation at target firms. We also show that buyout effects differ across the private equity groups that sponsor buyouts, and these differences persist over time at the group level. Rapid upscaling in deal flow at the group level brings lower employment growth at target firms. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions ; Corporate Finance ; Labor Economics ; Unemployment and Immigration ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w26371 |
| 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/584045 |
| 推荐引用方式 GB/T 7714 | Steven J. Davis,John C. Haltiwanger,Kyle Handley,et al. The (Heterogenous) Economic Effects of Private Equity Buyouts. 2019. |
| 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 | ||
| w26371.pdf（1011KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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