Private Equity and Workers’ Career Paths: The Role of Technological Change

Prasanna B. Tambe

127 citations0/0 files storedReview of Financial Studies

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Private Equity and Venture Capital Corporate Finance and Governance Labor market dynamics and wage inequality

Abstract

We analyze a new dataset on workers' career paths to examine whether private equity (PE) investments can have positive spillover effects on workers.We study leveraged buyouts in the context of recent information technology (IT) diffusion, and find evidence supporting the argument that many employees of companies acquired by PE investors gain transferable, IT-complementary human capital.Our estimates indicate that these workers experience increases in both long-run employability and wages relative to what they would have realized in the absence of PE investment.The findings underscore PE's role in mitigating the effects of workforce skill obsolescence due to technological change.

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References

1988On the mechanics of economic development 1995THE IMPACT OF HUMAN RESOURCE MANAGEMENT PRACTICES ON TURNOVER, PRODUCTIVITY, AND CORPORATE FINANCIAL PERFORMANCE.1962Investment in Human Capital: A Theoretical Analysis 1962The Economic Implications of Learning by Doing 1971The Economic Implications of Learning by Doing 2003The Skill Content of Recent Technological Change: An Empirical Exploration 2011Skills, Tasks and Technologies: Implications for Employment and Earnings 1995Human Resource Bundles and Manufacturing Performance: Organizational Logic and Flexible Production Systems in the World Auto Industry

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