Managerial Behavior, Takeovers and Employment Duration

David Margolis

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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, it appears 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.

Keywords: Managerial Behavior; Employment duration; Mergers and Acquisitions; Linked Employer-Employee Data; Comportement de managers; durée d'emplois; fusions et acquisitions; données longitudinales appariées employeur-employées (search for similar items in EconPapers)
Date: 2008-08
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Published in Econometric Society European Meetings, Aug 2008, Milan, Italy

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Working Paper: Managerial Behavior, Takeovers and Employment Duration (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00363582

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