Replication data for: Private Equity, Jobs, and Productivity

Principal Investigator(s): View help for Principal Investigator(s) Steven J. Davis; John Haltiwanger; Kyle Handley; Ron Jarmin; Josh Lerner; Javier Miranda

Version: View help for Version V1

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2011124_data			10/19/2021 02:12:PM
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Project Citation:

Davis, Steven J., Haltiwanger, John, Handley, Kyle, Jarmin, Ron, Lerner, Josh, and Miranda, Javier. Replication data for: Private Equity, Jobs, and Productivity. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112714V1

Project Description

Summary: 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 US buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing to controls defined by industry, size, age, and prior growth. Buyouts lead to modest net job losses but large increases in gross job creation and destruction. Buyouts also bring TFP gains at target firms, mainly through accelerated exit of less productive establishments and greater entry of highly productive ones. (JEL D24, G24, G32, G34, J23, J63, L25)

Scope of Project

Subject Terms: Productivity; Private Equity; Jobs

JEL Classification:
      D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
      G24 Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
      G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
      G34 Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
      J23 Labor Demand
      J63 Labor Turnover; Vacancies; Layoffs
      L25 Firm Performance: Size, Diversification, and Scope

Geographic Coverage: United States

Time Period(s): 1980 – 2005

Universe: U.S. Private, Nonfarm sector

Data Type(s): survey data; administrative records data; event/transaction data; aggregate data

Methodology

Data Source: Longitudinal Business Database; Annual Survey of Manufactures; CapitalIQ

Unit(s) of Observation: Establishments, Firms

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Published Versions

V1 [2019-10-11]

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DDI 2.5

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