Papers Containing Tag(s): 'Securities and Exchange Commission'
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Authors
Lucia Foster - 3
Viewing papers 31 through 32 of 32
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Working PaperTHE RELATIONSHIPS AMONG ACQUIRING AND ACQUIRED FIRMS' PRODUCT LINES
September 1990
Working Paper Number:
CES-90-12
This study develops detailed information on the relationships among the activities of acquiring and acquired firms at and near the time of merger for a sample of 94 takeovers undertaken between 1977-1982. We focus on takeovers for two reasons. First, takeovers are an important and controversial phenomenon. Second, takeovers allow us to look at marginal changes, admittedly large ones, in the firm's boundaries. Thus, they provide a useful way of examining relationships among activities of the firm without having to go into great detail regarding the historical decisions that generated the firm's current structure. While the individual establishment is our basic data unit, in this study we aggregate the activities of the firm to the line of business (LOB) level. Each LOB of an acquired firm is classified as to its relationship horizontal, vertical (upstream or downstream), and conglomerate to the LOBs of the acquiring firm. Using these categorizations we aggregate the LOB-level information to the firm level to investigate the degree to which our sample of mergers is specialized to particular types of relationships. While we find a significant group of unspecialized takeovers, most appear to fit a specific category. We also look at the pattern of closed operations immediately following the takeover. Closings are generally concentrated in operations involving horizontal relationships. Finally, we consider the pattern of relationships between hostile and friendly takeovers and whether takeover premiums vary by type of merger. Merger premiums are not related to the type of relationship between the acquiring and acquired firm, but they are tied to whether the takeover is friendly or hostile.View Full Paper PDF
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Working PaperThe Effects Of Leveraged Buyouts On Productivity And Related Aspects Of Firm Behavior
July 1989
Working Paper Number:
CES-89-05
We investigate the economic effects of leveraged buyouts (LBOs) using large longitudinal establishment and firm-level Census Bureau data sets linked to a list of LBOs compiled from public data sources. About 5 percent, or 1100, of the manufacturing plants in the sample were involved in LBOs during 1981-1986. We find that plants involved in LBOs had significantly higher rates of total-factor productivity (TFP) growth than other plants in the same industry. The productivity impact of LBOs is much larger than our previous estimates of the productivity impact of ownership changes in general. Management buyouts appear to have a particularly strong positive effect on TFP. Labor and capital employed tend to decline (relative to the industry average) after the buyout, but at a slower rate than they did before the buyout. The ratio of nonproduction to production labor cost declines sharply, and production worker wage rates increase, following LBOs. LBOs are production-labor-using, nonproduction-labor-saving, organizational innovations. Plants involved in management buyouts (but not in other LBOs) are less likely to subsequently close than other plants. The average R&D- intensity of firms involved in LBOs increased at least as much from 1978 to 1986 as did the average R&D-intensity of all firms responding to the NSF/Census survey of industrial R&D.View Full Paper PDF
