期刊
AMERICAN ECONOMIC REVIEW
卷 105, 期 7, 页码 2086-2119出版社
AMER ECONOMIC ASSOC
DOI: 10.1257/aer.20140150
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资金
- Berkman Foundation at Carnegie Mellon University, Japan Society for Promotion of Science [25780155, 22223003]
- Initiative on Global Markets at the University of Chicago Booth School of Business
- Grants-in-Aid for Scientific Research [22223003, 25780155] Funding Source: KAKEN
We explore how changes in ownership affect the productivity and profitability of producers. Using detailed data from the Japanese cotton spinning industry at the turn of the last century, we find that acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition. They were much less profitable, however, due to higher inventory levels and lower capacity utilization-differences that reflected problems in managing the uncertainties of demand. After acquisitions, less profitable acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels. (JEL D24, G32, G34, L11, L25, L66, N65)
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