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Mergers, Acquisitions and Employment Duration

Author

Listed:
  • David Margolis

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, IZA - Institute for the Study of Labor, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

This paper uses a unique data set of linked employer-employee data in which asset transfers between firms can be identified to study the manner in which employment policy changes in the aftermath of a merger or acquisition (M&A). Using parametric duration models with unobserved heterogeneity and modeling the status of the employer with respect to M&A activity, it appear that the employment policy of the firm changes radically after an M&A with respect to the "steady state". Not only do various observed characteristics impact the probability of continued employment in a different manner after an M&A, but the distribution of unobserved characteristics that affect employment changes - reflecting differences in the stock of previous employees and the flow of new hires - as does the impact of this heterogeneity on employment durations.

Suggested Citation

  • David Margolis, 2007. "Mergers, Acquisitions and Employment Duration," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00363595, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00363595
    as

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