IAER Seminar 131：樊娅萌 -- 活动 -- 东北财经大学

【报告人简介】

樊娅萌，上海交通大学金融学助理教授，于2024年获西班牙庞培法布拉大学经济和金融学博士学位，主要研究方向是宏观劳动力及市场力量。

【内容摘要】

This paper studies how mergers and acquisitions affect talent reallocation, labor market power and firm boundaries. Using matched firm-worker data from LinkedIn and antitrust-screened M&A events, we show that a completed M&A is followed by higher skilled talent inflows into the acquirer, lower wages for acquirer's workers and more bonus losses for executives absorbed from targets. Firms also expand their boundaries after M&A. We rationalize these findings with a model in which the target privately observes its workers' abilities. Before the merger, the target bids up wages for high-ability workers through counteroffers; after the merger, the acquirer inherits this information and the target disappears as an informed competitor, making talent acquisition cheaper. An extension allowing information leakage to outside employers attenuates the wage-suppression effect.

【更多信息】

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撰稿：王杰审核：崔惠玉单位：高等经济研究院

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