Employment growth following takeovers
基于比利时私营部门的大样本数据，研究发现收购后平均就业暂时下降1.4%，但出于市场力量动机的收购导致永久性下降14%，而效率驱动型收购则带来10%的就业增长。
Abstract We construct a comprehensive sample of takeovers in Belgium that shows they are remarkably common. Takeovers involve both small and large firms and, over a five‐year period, 17% of private sector employment. We estimate their impact on employment growth using a framework that explicitly takes into account that takeovers involve pairs of firms and that post‐merger outcomes are heterogeneous. The average merger temporarily reduces employment of the combined entity by −1.4%. Mergers likely to be motivated by market power show a stronger and permanent employment reduction of −14%, whereas those motivated by efficiency gains lead to employment expansions of +10%.