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An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border acquisitions in which MNEs and PE-firms compete over domestic assets and which incorporates endogenous financial frictions. MNEs’ advantages lie in firm-specific synergies and access to internal capita
The authors cast entrepreneurship as one of three career choices—remaining with one’s employer, changing employers, or engaging in entrepreneurship—and theorize how the likelihood of entrepreneurship evolves over one’s career. They empirically demonstrate an inverted U-shaped relationship between accumulated experience and entrepreneurship across various industries and jobs. The authors highlight
The media often cast foreign private equity firms as villains who gamble with local jobs. We use detailed registry data from Sweden to show that foreign buyouts have not affected workers’ labor market outcomes. But domestic buyouts have. They have increased unemployment incidence by a fifth, duration by a third, and lowered labor income by seven percent.
In recent years, the number of listed companies has been declining in many countries across the world. This paper provides a selective survey of the literature on the real economic effects of the stock market to assess the potential effects of this decline and determine whether it is likely to continue. The leading economic role of the stock market's primary market, in which firms raise capital by
Private equity firms (PE firms) have become common owners of established firms in concentrated markets. We show that the threat of a PE acquisition can trigger incumbent mergers in an otherwise merger-stable industry. This can help antitrust authorities maximize consumer surplus because previously privately unprofitable – but consumer surplus-enhancing – mergers now take place. We thus predict tha
This article analyzes the real effects of private equity buyouts. It defines private equity buyouts as gains of established companies accepted by private equity firms. Private equity buyouts are also referred to as leveraged buyouts, management buyouts, and bootstrap acquisitions. The first section explains why buyouts have real economic effects, while the second section presents a survey of empir
We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the United States and Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlate with venture capital activities a
The tax laws of most developed countries are debt biased since firms can deduct interest on debt but not on equity. This bias is known to distort investment decisions. However, less is known about how the debt tax shield affects the ownership of assets when bidders differ financial expertise and thus in optimal use of leverage. We show that the debt tax shield need not always distort ownership eff
Using a dataset with over 24 million year-employment observations and the universe of more than 230,000 entries into entrepreneurship in one economy we analyze the gross (including the founders), net (excluding the founders), and new (jobs to the former unemployed or those outside the labor force) job creation by entrepreneurs two and six years after start-up. These novel measures of job creation
I study the internal organization of firms using Swedish occupation data. The empirical patterns match the theoretical predictions of Caliendo and Rossi-Hansberg (2012) and are similar to the patterns observed in French data by Caliendo etal. (2012).
In industries with network effects, incumbents' installed bases create barriers to entry that discourage entrepreneurs from developing new innovations. Yet, entry is not the only commercialization route for entrepreneurs. We show that the option of selling to an incumbent increases the innovation incentives for entrepreneurs when the network effects are strong and incumbents compete to preemptivel
We extend the workhorse model of network competition to international calls. This model enables us to show that national regulatory authorities (NRAs) maximizing domestic welfare have incentives to increase termination rates above the social optimum to extract rent from international call termination. Excessive termination rates distort prices but transfer surplus from foreign to domestic consumer
Purpose: To address the systematic bias in whole-brain dual flip angle (DFA) T1-mapping at7T by optimizing the flip angle pair and carefully selecting RF pulse shape and duration.Theory and Methods: Spoiled gradient echoes can be used to estimate whole-brain maps ofT1. This can be accomplished by using only two acquisitions with different flip angles, i.e., aDFA-based approach. Although DFA-based Purpose: To address the systematic bias in whole-brain dual flip angle (DFA) T1-mapping at 7T by optimizing the flip angle pair and carefully selecting RF pulse shape and duration. Theory and Methods: Spoiled gradient echoes can be used to estimate whole-brain maps of T1. This can be accomplished by using only two acquisitions with different flip angles, i.e., a DFA-based approach. Although DFA-ba
Throughout human history, there have been locations used for performance of speech and music. Many of these locations are considered part of our common cultural heritage, and more and more of them can be visited virtually as technology advances to produce better and better reconstructions. However, the technological capabilities are not the only limitations when it comes to historical reconstructi
Traditionally, the room acoustic properties in an ordinary public room are defined by only one parameter, the reverberation time. However, research has showed that additional room acoustic parameters as sound strength and speech clarity are necessary to consider in order to achieve good acoustic conditions. In a room with acoustical ceiling treatment the effects of furniture and interiors on the r
The year 1937 saw the establishment of Congress Ministries in eight of the eleven provinces in which the provincial elections had been held, Bihar being one of them. The resounding victory of the Congress which secured a clear majority in the province of Bihar and the dismal performance of the Muslim League seemed at the time to depict the mood of the people in general. It was taken as a clear rej
Background: Pulmonary arterial hypertension (PAH) is a serious disease exhibiting unspecific symptoms, as a result of which diagnosis is often delayed and prognosis is poor. The underlying pathophysiology includes vasoconstriction and remodelling of small pulmonary arteries. As receptor tyrosine kinases (RTKs) and their ligands have been shown to promote PAH remodelling, our aim was to evaluate if
