- ______________ (1992b), Takeovers and Corporate Overhead, in Corporate Take Overs and Productivity, F. Lichtenberg, ed., Cambridge, Massachusetts: The MIT Press, pp. 45-67.
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- ______________ (1993), Mergers: Theory and Evidence, in Gallium Mussati, ed., Mergers, Markets, and Public Policy, Dordrecht: Kluwer.
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- (1993b), Takeover Motives During the Conglomera te Merger Wave, The RAND Journal of Economics, Volume 24, pp. 35779.
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- 2 Lichtenberg (1992) uses LRD data for most of his analysis. 3 For example, in the case of a public firm, ownership is constantly changing as shareholders buy and sell shares, but most such changes bear little relationship to the day to day operations of the firm.
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- 4 Most industrial organization studies have not found gains associated with ownership change (e.g., Ravenscraft and Scherer, 1987) . Results from Finance that show positive abnormal returns to shareholders of merging firms are consistent with gains to ownership changes. 5 Finding productivity gains positively related to ownership change does not fit well with any of the managerial excesses or empire-building arguments. 6 The effects on other moments of the wage distribution are unclear.
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- 9 McGuckin and Nguyen (1994a) estimated that Both RLP and TFP using data for 3,800 continuous plants in the food industry. They then used these two productivity estimates in their regression analysis of ownership change and found that the two measures yield very similar results. They note, however, that the results based on data for continuous plants are subject to serious simple selection bias. 10 Industry is defined at the 4-digit level throughout the paper. 11 Preliminary analysis suggests that a similar statement is true for all manufacturing.
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Andrews, 8/90. Proceedings, Census Bureau Annual Research Conference, pp. 26-45, (1990). (47 pages, $11.75) 90-8 The Extent and Nature of Establishment Level Diversification in Sixteen U.S. Manufacturing Industries, by Mary L. Streitwieser, 8/90. Journal of Law and Economics, Part 2, pp. 503-534 (1991). (39 pages, $9.75) 90-9 Self-Employment Trends Among Mexican Americans, by Timothy Bates, 8/90. quarterly Review of Economics and Business, (1990). (26 pages, $6.50) 90-10 Gross Job Creation and Destruction: Microeconomic Evidence and Macroeconomic Implications, by Steven J. Davis and John Haltiwanger, 9/90. NBER Macroeconomics Annual, MIT Press: Cambridge, MA, (1990). (51 pages, $12.75) 90-11 Returns to Scale in Small and Large U.S. Manufacturing Establishments, by Sang V. Nguyen and Arnold P. Reznek, 9/90.
Baily, M.N., E.J. Bartelsman, and J.C. Haltiwanger (1994), Down sizin g and Produ ctivi ty Growt h: Myth or Reali t y?, Discu ssion Paper CES 9 4-4, Cente r for Econo mic Studi es, U.S. Burea u of the Censu 5, Washi ngton D.C. Baily, M.N., D. Campbell, and C. Hulten (1992), Productivity Dynamics in Manufacturing Plants, Brookings Papers on Economic Activity: Microeconomics, pp. 187-249.
- Baldwin, J. (1991), The Dynamics of the Competitive Process, mimeo, Queen's University.
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- Bernard, A.B., and J.B. Jensen (1994), Exporters, Skill- Upgra ding, and The Wage Gap, Discu ssion Paper CES 9413, Cente r for Econo mic Studi es, U.S. Burea u of the Censu 5, Washi ngton D.C. _________ (1994b), Exporters, Jobs and Wages in U.S. Manufacturing: 1976-1987, Brookings Papers on Economic Activity, (forthcoming) Brown, C. and J.L. Medoff (1988), The Impact of Firm Acquisition on Labor, in Corporate Takeovers: Causes and Consequences, Alan J. Auerbach (ed.), The University of Chicago Press: Chicago and London, pp. 9-25.
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Davis, S.J. and J. Haltiwanger (1992), Gross Job Creation, Gross Job Destruction, and Employment Reallocation, Quarterly Journal of Economics, Volume 107, pp. 819-63.
Davis, S.J., Haltiwanger, J., and S. Schuh (1994), Gross Job Flows in U.S. Manufacturing, (forthcoming) Dunne, T. and M.J. Roberts (1993), The Long-Run Demand for Labor: Estimates from Census Establishment Data, Discussion Paper, CES 93-13, Center for Economic Studies, U.S. Bureau of the Census, Washington D.C. Jensen, M.C. (1991), Corporate Control and the Politics of Finance, Bank America Journal of Applied Corporate Finance, Volume 4, Number 2, pp. 13-33.
ENDNOTE S CENTER FOR ECONOMIC STUDIES DISCUSSION PAPERS 88-1 Long-Run Expectations and Capacity, by Robert H. McGuckin & Peter A. Zadrozny, 4/88. Forthcoming in Proceedinqs, Conference on Capacity Utilization, (1988). (29 pages, $7.25) 88-2 The Longitudinal Research Database (LRD) : Status and Research Possibilities, by Robert H. McGuckin & George A. Pascoe, Jr., 7/88.
- Erickson, 1/90. Economic Geography, Volume 65, Number 4, pp. 280-292, (October 1989). (31 pages, $7.75) 90-4 Gross Job Creation, Gross Job Destruction, and Employment Reallocation, by Steven J. Davis and John Haltiwanger, 2/90. Forthcoming, quarterly Journal of Economics. (52 pages, $13.00) 90-5 Estimating a Multivariate Arma Model with Mixed-Frequency Data: An Application to Forecasting U.S. GNP at Monthly Intervals, by Peter A. Zadrozny, 6/90. (58 pages, $14.50) 90-6 Wages and the Risk of Plant Closings, by Timothy Dunne and Mark J.
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Forthcoming in Economica. (36 pages, $9.00) 92-16 Decomposing Learning by Doing in New Plants, by Byong-Hyong Bahk and Michael Gort, 12/92. Journal of Political Economy, Volume 101, Number 4, August 1993. (33 pages, $8.25) 93-1 Academic Science, Industrial R&D, and the Growth of Inputs, by James D. Adams and Leo Sveikauskas, 1/93. (48 pages, $12.00) 93-2 Science, R&D, and Invention Potential Recharge: U.S. Evidence, by James D. Adams, 1/93. Forthcoming in American Economic Review Papers and Proceedings. (13 pages, $3.25) 93-3 LBOs, Debt and R&D Intensity, by William F. Long and David J.
Jensen, M.C. and R.S. Ruback (1983), The Market for Corporate Control: The Scientific Evidence, Journal of Financial Economics, Volume 11, pp. 5-50.
Journal of Productivity Analysis, Volume 3, pp. 119-133, June 1992. (27 pages, $6.75) 91-7 Technology Usage in U.S. Manufacturing Industries: New Evidence from the Survey of Manufacturing Technology, by Timothy Dunne, 11/91. RAND Journal of Economics. (31 pages, $7.75) 91-8 Multiple Classification Systems for Economic Data: Can a Thousand Flowers Bloom? And Should They? by Robert H. McGuckin, 12/91.
- Lichtenberg, F. (1992), Corporate Takeovers and Productivity, Cambridge, Massachusetts: The MIT Press.
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- Lichtenberg, F. and D. Siegel (1992a), Productivity and Changes in Ownership of Manufacturing Plants, in Corporate Takeovers and Productivity, F. Lichtenberg, ed., Cambridge, Massachusetts: The MIT Press, pp. 25-43.
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Matsusaka, J.G. (1993a), Target Profits and Managerial Disci pline Dunn g the Congl omera te Merge r Wave, The Journ al of Indus trial Econo mics, Volum e 41, pp. 17989.
McGuckin & Sang V. Nguyen, 9/88. Journal of Economic and Social Measurement, Volume 16, Number 1, pp. 19-40, (1990) (29 pages, $7.25) 88-4 Modelling Technical Progress and Total Factor Productivity: A Plant-Level Example, by Edward C. Kokkelenberg & Sang V. Nguyen, 10/88. Journal of Productivity Analysis, Volume 1, Number 1, pp. 69-90, (1989). (37 pages, $9.25) 88-5 Analytic Derivatives For Estimation of Linear Dynamic Models, by Peter A. Zadrozny, 11/88. Journal of Computers and Mathematics with Applications, Volume 18, pp. 539-553, (1989) (41 pages, $10.25) 89-1 Measuring the Trade Balance in Advanced Technology Products, by Thomas A. Abbott, III, Robert H. McGuckin, Paul Herrick, and Leroy Norfolk, 1/89. Proceedinqs, 1989 American Statistical Association. (33 pages, $8.25) 89-2 Using Linked Census R&D-LRD Data to Analyze the Effect of R&D Investment on Total Factor Productivity Growth, by Frank R.
McGuckin, R.H. and G. Pascoe (1988), The Longitudinal Research Database: Status and Research Possibilities, Survey of Current Business.
McGuckin, R.H. and S.V. Nguyen (1994a), On Productivity and Plant Ownership Change: New Evidence from the LRD, The RAND Journal of Economics, (forthcoming) ______________ (1994b), The Role of Acquisitions in the Evolu tion of the Firm: A C omp a rativ e Anal y sis of Inter nal Versu Exter nal Growt H , Discu ssion Paper Cente r for Econo mic Studi es, U.S. Burea u of the Censu 5, (fort hcomi ng).
- METHOD OF PAYMENT (Payable to: Commerce, Census El Check El Money order El Mastercard D Visa __________________________ Expiration Date: ____________________ Card Number Month Year Amount enclosed: $ Please send order form and payment to: Bureau of the Census Economic Planning and Coordination Center for Economic Studies Room 1587-3 Washington D.C. 20233-6101 Attn: Tracy C. Crosby 1 Data problems also plague industrial organization specialists and are a major reason why there has been so little agreement on the effects of ownership change on firm performance.
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Mueller, D.C. (1969), A Theory of Conglomerate Mergers, Quart erly Journ al of Econo mics, Volum e 83) pp. 64359.
- Ravenscraft, D.J., and F.M. Scherer (1987), Mergers, Selloffs, and Economic Efficiency, Washington, D.C: The Brookings Institution.
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- Roberts, 7/90. American Statistical Association Proceedings of the Business and Economics Statistics Section, pp. 275-280, (1989) (31 pages, $7.75) 90-7 The Classification of Manufacturing Industries: An Input-Based Clustering of Activity, by Thomas A. Abbott, III and Stephen H.
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Small Business Economics, Number 3, pp. 197-214, (1991) (35 pages, $8.75) 90-12 The Relationships Among Acquiring and Acquired Firms! Product Lines, by Robert H. McGuckin, Sang V. Nguyen and Stephen H.
- Survey of Current Business, Volume 68, Number 11, pp. 30-37 (1988) (29 pages, $7.25) 88-3 Public Use Microdata: Disclosure and Usefulness, by Robert H.
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Taylor, and Charles A. Waite, 10/89. Presented at the winter meetings of the American Statistical Association, 1/90. Mi Industrial Census of China, Xu Gang, ed., Beijing, People's Republic of China: The Secretariat of the International Seminar of Analysis on China's 1985 Industrial Census Results, pp. 113-138, (1990). (35 pages, $8.75) 89-9 The Characteristics of Business Owners (CBO) Database, by Alfred Nucci, 10/89. (28 pages, $7.00) 90-1 Longitudinal Economic Data at the Census Bureau: A New Database Yields Fresh Insights on Some Old Issues, by Robert H. McGuckin, 1/90. Proceedings of the Statistics Canada Symposium on Analysis of Data in Time, pp. 243-253, (1990). (33 pages, $8.25) 90-2 An Analysis of Small Business Size and Rate of Discontinuance, by Timothy Bates and Alfred Nucci, 1/90. Journal of Small Business Management, pp. 1-7, (1990). (14 pages, $3.50) 90-3 Export Performance and State Industrial Growth, by Rodney A.
- Thus, CC codes allows us to identify only a portion of the establishments that have ID changes due to ownership changes. We identified 16,877 establishments that changed firm ID between 1977 and 1982. The CC codes gave reasons for ID change for 65 percent (10,961) of these establishments -- 43 percent (7,257) were acquired and 22 percent (3713) changed ID for other known reasons, such as reclassification, combined report, firm reorganization, etc. The remaining 35 percent of establishments (5,916) were not assigned a CC code. To find ownership changes among the group of plants with unexplained ID changes, we brought together initial and ending firm IDs for all plants that were owned by the firms in question.
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- While the number of SU firms is large, they accounted for only 25 percent of total manufacturing employment in 1977 and 29 percent in 1987.
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