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CES-WP-08-07 Private Equity and Employment Steven Davis, John Haltiwanger, Ron Jarmin, Josh Lerner, Javier Miranda March 01, 2008 The impact of private equity on employment arouses considerable controversy. Labor groups concerned about the fortunes of workers employed at buyout firms contend private equity firms destroy jobs. By contrast private equity associations and other groups have released a number of recent studies that claim positive effects of private equity on employment following the takeover. In this paper we conduct a comprehensive examination of the impact of private equity buyouts on the employment outcomes of firms that are taken over by these investment firms. We focus the analysis on two different dimensions. First, what are the employment outcomes of workers employed at establishments existing at the time of the buyout? Second, what is growth performance of the firm following the buyout? We conduct the analysis using a unique linked dataset covering the universe of US firms and information regarding US buyout operations between 1980 and 2005. We find targeted establishments exhibit net employment contraction, higher job destruction and establishment exit relative to controls. However, targeted firms exhibit higher greenfield entry and more acquisition and divestiture. View Paper   57 Pages 190803 Bytes

CES-WP-08-06 Consistent Cell Means for Topcoded Incomes in the Public Use March CPS (1976-2007) Jeff Larrimore, Richard Burkhauser, Shuaizhang Feng, Laura Zayatz March 01, 2008 Using the internal March CPS, we create and in this paper distribute to the larger research community a cell mean series that provides the mean of all income values above the topcode for any income source of any individual in the public use March CPS that has been topcoded since 1976. We also describe our construction of this series. When we use this series together with the public use March CPS, we closely match the yearly mean income levels and income inequalities of the U.S. population found using the internal March CPS data. View Paper   53 Pages 206725 Bytes

CES-WP-08-05 Trends in the Relative Household Income of Working-Age Men with Work Limitations: Correcting the Record Using Internal Current Population Survey Data Richard Burkhauser, Jeff Larrimore March 01, 2008 Previous research measuring the economic well-being of working-age men with work limitations relative to such men without work limitations in the public use March Current Population Survey (CPS) systematically understates the mean household income of both groups; overstates the relative household income of those with work limitations; and understates the decline in their relative household income over time. Using the internal March CPS, we demonstrate this by creating a cell mean series beginning in 1975 that provides the mean reported income of all topcoded persons for each source of income in the public use March CPS data. Using our cell mean series with the public use March CPS, we closely match the yearly mean income of working-age men with and without work limitations over the period 1987-2004 in the internal data and show that this match is superior to ones using alternative methods of correcting for topcoding currently used in the disability literature. We then provide levels and trends in the relative income of working-age men with work limitations from 1980-2006, the earliest year in the March CPS that such comparisons can be made. View Paper   42 Pages 149975 Bytes

CES-WP-08-04 Preschoolers Enrolled and Mothers at Work? The Effects of Universal Pre-Kindergarten Maria Fitzpatrick March 01, 2008 Three states (Georgia, Oklahoma and Florida) recently introduced Universal Pre- Kindergarten (Universal Pre-K) programs offering free preschool to all age-eligible children, and policy makers in many other states are promoting similar policies. How do such policies affect the participation of children in preschool programs (or do they merely substitute for preschool offered by the market)? Does the implicit child care subsidy afforded by Universal Pre-K change maternal labor supply? I present a model that includes preferences for child quality and shows the directions of change in preschool enrollment and maternal labor supply in response to Universal Pre-K programs are theoretically ambiguous. Using restricted-access data from the Census, together with year and birthday based eligibility cutoffs, I employ a regression discontinuity framework to estimate the effects of Universal Pre-K availability. Universal Pre-K availability increases preschool enrollment by 12 to 15 percent, with the largest effect on children of women with less than a Bachelor’s Degree. Universal Pre-K availability has little effect on the labor supply of most women. However, women residing in rural areas in Georgia increase their children’s preschool enrollment and their own employment by 22 and 20 percent, respectively, when Universal Pre-K is available. View Paper   61 Pages 1264145 Bytes

CES-WP-08-03 What Happens When Firms Patent? New Evidence from U.S. Economic Census Data Natarajan Balasubramanian, Jagadeesh Sivadasan January 01, 2008 In this study, we present novel statistics on the patenting in US manufacturing and new evidence on the question of what happens when firms patent. We do so by creating a comprehensive firm-patent matched dataset that links the NBER patent data (covering the universe of patents) to firm data from the US Census Bureau (which covers the universe of all firms with paid employees). Our linked dataset covers more than 48,000 unique assignees (compared to about 4,100 assignees covered by the Compustat-NBER link), representing almost two-thirds of all non-individual, non-university, non-government assignees from 1975 to 1997. We use the data to present some basic but novel statistics on the role of patenting in US manufacturing, including strong evidence confirming the highly skewed nature of patenting activity. Next, we examine what happens when firms patent by looking at a large sample of first time patentees. We find that while there are significant cross-sectional differences in size and total factor productivity between patentee firms and non-patentee firms, changes in patentownership status within firms is associated with a contemporaneous and substantial increase in firm size, but little to no change in total factor productivity. This evidence suggests that patenting is associated with firm growth through new product innovations (firm scope) rather than through reduction in the cost of producing existing products (firm productivity). Consistent with this explanation, we find that when firms patent, there is a contemporaneous increase in the number of products that the firms produce. Estimates of (within-firm) elasticity of firm characteristics to patent stock confirm our results. Our findings are robust to alternative measures of size and productivity, and to various sample selection criteria. View Paper   49 Pages 762218 Bytes

CES-WP-08-02 Who Gentrifies Low Income Neighborhoods? Terra McKinnish, Randall Walsh, T. Kirk White January 01, 2008 This paper uses confidential Census data, specifically the 1990 and 2000 Census Long- Form data, to study the demographic processes underlying the gentrification of low income urban neighborhoods during the 1990’s. In contrast to previous studies, the analysis is conducted at the more refined census-tract level with a narrower definition of gentrification and more narrowly defined comparison neighborhoods. The analysis is also richly disaggregated by demographic characteristic, uncovering differential patterns by race, education, age and family structure that would not have emerged in the more aggregate analysis in previous studies. The results provide little evidence of displacement of low-income non-white households in gentrifying neighborhoods. The bulk of the income gains in gentrifying neighborhoods are attributed to white college graduates and black high school graduates. It is the disproportionate in-migration of the former and the disproportionate retention and income gains of the latter that appear to be the main engines of gentrification. View Paper   43 Pages 519718 Bytes

CES-WP-08-01 Financial Intermediation and Late Development: The Case of Meiji Japan, 1868 to 1912 John Tang January 01, 2008 Was nineteenth century Japan an example of finance-led growth? Using a new panel dataset of startup firms from the Meiji Period (1868-1912), I test whether financial sector development influenced the emergence of modern industries. Results from multiple econometric models suggest that increased financial intermediation, particularly from banks, is associated with greater firm establishment. This corresponds with the theory of late development that industrialization requires intermediaries to mobilize and allocate financing. The effect is pronounced in the second half of the period and for heavy industries, which may be due to improved institutions and larger capital requirements, respectively. View Paper   45 Pages 713734 Bytes

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