The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
M&As, Employee Costs, and Labor Reallocation
Abstract
Mergers are associated with large and persistent earnings declines for incumbent employees in target firms. Linking employer‐employee administrative data with information on merger activity in Brazil, I find the negative effects concentrate on employees who exit target firms and reflect displacement in the short run and wage declines in the long run. Low‐skilled, managerial, and older employees fare worse. Overall, I conclude that mergers are followed by substantial reallocation costs reflecting losses of firm‐specific wage premiums, matching inefficiencies, and industry‐specific human capital depreciation, with employees transitioning to lower paying firms considered to be of lower productivity and employment value.
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Two-Way Fixed Effects Estimators with Heterogeneous Treatment Effects
de Chaisemartin, C., & D’Haultfœuille, X. (2020) · American Economic Review · doi:10.1257/aer.20181169 · Cited by 5,031
How Much Should We Trust Staggered Difference-in-Differences Estimates?
Baker, A. C., Larcker, D. F., & Wang, C. C. Y. (2022) · Journal of Financial Economics · doi:10.1016/j.jfineco.2022.01.004 · Cited by 3,149
The Transitional Costs of Sectoral Reallocation: Evidence From the Clean Air Act and the Workforce*
Walker, W. R. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt022 · Cited by 506
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Metadata
- Authors
- LAGARAS, S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2026-07-21
- Volume
- 81
- Issue
- 5
- Pages
- 2595-2648
- ISSN
- 0022-1082
- 1540-6261
- Cited by
- 0
- References
- 3
- Language
- en
- Licence
- onlinelibrary.wiley.com/termsAndConditions#vor (vor)
- doi.wiley.com/10.1002/tdm_license_1.1 (tdm)
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