A Retrospective Analysis of the Acquisition of Target’s Pharmacy Business by CVS Health: Labor Market Perspective
利用Lightcast招聘数据，分析CVS健康收购目标药房对劳动力市场的影响，发现并购使受影响市场的招聘薪酬降低2.9%，且低薪岗位降幅更大。
Abstract We analyze the labor market impact of CVS Health’s acquisition of Target’s pharmacy business in December 2015 using Lightcast job postings data. Using differencein- differences and triple-difference designs, we find meaningful negative effects of the merger on posted pay. In our preferred specification, we estimate that the acquisition reduced posted pay in affected labor markets by 2.9%. We test for heterogeneous merger effects by occupational characteristics, finding that the merger caused pay to fall by more in lower-paid occupations than in higher-paid occupations.