The 1980s saw explosive activity in the arena of corporate takeovers. In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. He concludes that the restructuring of the U.S. economy during the past decade has contributed to higher productivity and increased international competitiveness.Corporate Takeovers and Productivity examines the effects of mergers and acquisitions, in general, and leveraged buyouts, in particular on a number of important, interrelated variables: on the productivity and market share of manufacturing plants, on fixed and R&D investment, on the employment and wages of both blue- and white-collar workers, and on corporate diversification.Among Lichtenberg's findings are that the least productive plants are most likely to change owners - a change that tends to raise productivity performance; that takeovers significantly reduce the employment and wages of white-collar workers (except R&D personnel) but not of blue-collar workers; that industrial consolidation is one source of the productivity gains from takeovers; and that the U.S. LBOs and foreign mergers and acquisitions do not have the same effects as U.S. mergers and acquisitions.Frank R. Lichtenberg is Associate Professor at the Columbia University Graduate School of Business and Research Associate at the National Bureau of Economic Research.
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Inside This Book
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First Sentence:
The 1980s was a decade of intense restructuring of American business. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
plants changing owners, establishments changing owners, auxiliary intensity, one ownership change, other auxiliary establishments, postbuyout change, normalized profitability, three years after the buyout, buyout plants, auxiliary employment, median productivity, foreign mergers, nonproduction workers, plant turnover, airline mergers, production establishments, productivity residual, initial productivity, labor impact, industrial diversification, flight equipment, mean productivity, profitability data, conglomerate firms Key Phrases - Capitalized Phrases (CAPs): (learn more)
Census Bureau, Morgan Stanley, United States, Mean Median, Census of Manufactures, National Science Foundation, Douglas Caves, Global Vantage Industrial, Number Average, Second World War, United Kingdom New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
The 1980s was a decade of intense restructuring of American business. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
plants changing owners, establishments changing owners, auxiliary intensity, one ownership change, other auxiliary establishments, postbuyout change, normalized profitability, three years after the buyout, buyout plants, auxiliary employment, median productivity, foreign mergers, nonproduction workers, plant turnover, airline mergers, production establishments, productivity residual, initial productivity, labor impact, industrial diversification, flight equipment, mean productivity, profitability data, conglomerate firms Key Phrases - Capitalized Phrases (CAPs): (learn more)
Census Bureau, Morgan Stanley, United States, Mean Median, Census of Manufactures, National Science Foundation, Douglas Caves, Global Vantage Industrial, Number Average, Second World War, United Kingdom New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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- Corporate Takeovers: Causes and Consequences (National Bureau of Economic Research Project Report) by Alan J. Auerbach on 4 pages
- The New Industrial State: Fourth Edition by John Kenneth Galbraith in Back Matter (1), and Back Matter (2)
- Mergers and Acquisitions (National Bureau of Economic Research Project Report) by Alan J. Auerbach in Back Matter (1), and Back Matter (2)
- Knights, Raiders, and Targets: The Impact of the Hostile Takeover by John C. Coffee Jr. in Back Matter (1), and Back Matter (2)
- Public Regulation: New Perspectives on Institutions and Policies (Regulation of Economic Activity) by Elizabeth E. Bailey in Back Matter
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- Mergers and Efficiency: Changes Across Time (The Milken Institute Series on Financial Innovation and Economic Growth) by Susanne Trimbath in Back Matter (1), and Back Matter (2)
- The New Portable MBA by Eliza G. C. Collins on page 126, and Back Matter
- The Internationalisation of Asset Ownership in Europe by Harry Huizinga on page 276, and page 333
- Incentives: Motivation and the Economics of Information by Donald E. Campbell in Back Matter
- Public Policy and the Economics of Entrepreneurship by Douglas Holtz-Eakin on page 112
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