Corporate M&As and Labor Market Concentration: Efficiency Gains or Power Grabs?
研究了企业并购如何影响劳动力市场集中度，发现并购导致的集中度提升能解释价值创造，且股票市场反应支持效率提升的解释。
ABSTRACT Mergers of firms that share labor markets increase labor market concentration which can lead to labor efficiency gains and/or create labor market power for the merged firms. Using a novel measure based on establishment‐level employment data, we find that merger‐induced increases in labor market concentration explain value creation in a sample of completed U.S. public firm mergers from 1991 to 2016. Analysis of the stock market reactions of rival, supplier, and customer firms, as well as firm‐ and establishment‐level real effects in the merging firms, supports a labor efficiency explanation of these merger gains.