search query: @author Siegel, D. / total: 5
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| Author: | Lichtenberg, F. R. Siegel, D. |
| Title: | The effects of leveraged buyouts on productivity and related aspects of firm behavior |
| Journal: | Journal of Financial Economics
1990 : SEP, VOL. 27:1, p. 165-194 |
| Index terms: | MANAGEMENT BUY-OUTS GEARING COMPANY PERFORMANCE |
| Language: | eng |
| Abstract: | The effects of leveraged buyouts (LBOs) on total factor productivity (TFP) is investigated using a longitudinal database including over 12,000 manufacturing plants. LBOs that occurred during 1983-1986 had a strong positive effect on TFP in the first three post-buyout years: plant-productivity increased from 2.0 p.c. above industry mean in the three pre-buyout years to 8.3 p.c. above industry mean. However, 1981 and 1982 buyouts had no significant productivity effect. The employment and compensation of white-collar workers decline following buyouts, but those of blue-collar workers are unchanged. |
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