Working Paper No. 851

The Real Effects of Private Equity Buyouts

Published: September 9, 2010Pages: 25Keywords: Employment; Innovation; Leveraged Buyouts; Long-run investments; Private equity buyouts; Productivity; Real effectsJEL-codes: G20; G30; G34; J20; L20
Published version

The Real Effects of Private Equity Buyouts Joacim Tåg


Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tends to marginally fall after a buyout in most countries studied, with France being the exception. There are clear evidence of productivity gains following a buyout, with part of these being shared with workers through higher wages. The evidence is mixed regarding the effects on long-run investments.

Joacim Tåg

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