Politically Connected Private Equity and Employment
研究发现，有政治关联的私募股权公司收购的企业，其就业创造高于无关联公司收购的企业，尤其在选举年和腐败严重的州，这支持了利益交换的解释。
ABSTRACT We investigate the employment consequences of private equity buyouts. We find evidence of higher job creation, on average, at the establishments operated by targets of politically connected private equity firms than at those operated by targets of nonconnected private equity firms. Consistent with an exchange of favors story, establishments operated by targets of politically connected private equity firms increase employment more during election years and in states with high levels of corruption. In additional analyses, we provide evidence of specific benefits experienced by target firms from their political connections. Our results are robust to tests designed to mitigate selection concerns.