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CES-WP-08-10 Horizontal Diversification and Vertical Contracting: Firm Scope and Asset Ownership in Taxi Fleets Evan Rawley, Timothy Simcoe May 01, 2008 This paper considers the vertical implications of horizontal diversification. Many studies have documented organizational problems following corporate diversification. We propose that selective vertical dis-integration – shifting asset ownership to agents – can mitigate rent-seeking and coordination failures in the diversified firm. We test this proposition in a particularly simple setting that allows us to isolate the effects of interest and control for the likely endogeneity of diversification: taxi fleets that diversify into the limousine, or black car, segment following a wave of entry deregulation in the early 1990s. The results show that taxi fleets are substantially more likely to use owner-operator drivers following diversification. Moreover, diversified fleets that use a greater share of owner operators are more productive than diversified fleets that own most of their vehicles. We interpret these findings as evidence that firms re-organize in response to the challenges of diversification, and that there are causal links between the horizontal and vertical boundaries of the fleet. 38 Pages 286062 Bytes View Paper

CES-WP-08-09 A Warm Embrace or the Cold Shoulder: Wage and Employment Outcomes in Ethnic Enclaves Roberto Pedace, Stephanie Rohn April 01, 2008 This paper examines how immigrant enclaves influence labor market outcomes. We examine the effect of ethnic concentration on both immigrant earnings and employment in high immigration states using the non-public use, 1-in-6 sample of the 2000 U.S. Census. Although we find that there is some variability in the estimated enclave effects, they exhibit an overall negative impact. Male and female immigrants from several ethnic groups tend to earn lower wages when residing in areas with larger ethnic concentrations. Similarly, for employment, most of the statistically significant effects are negative, although much smaller than the enclave impacts on earnings. 38 Pages 328123 Bytes View Paper

CES-WP-08-08 The Efficiency of Internal Capital Markets: Evidence from the Annual Capital Expenditure Survey Sumit Agarwal, Victor Souphom, Guy Yamashiro April 01, 2008 We empirically examine whether greater firm diversity results in the inefficient allocation of capital. Using both COMPUSTAT and the Annual Capital Expenditure Survey (ACES) we find firm diversity to be negatively related to the efficiency of investment. However once we distinguish between capital expenditure for structures and equipment, we find that while firms do inefficiently allocate capital for equipment, they efficiently allocate capital for structures. These results suggest that when the decision will have long-lasting repercussions, headquarters will, more often than not, make the correct choice. 31 Pages 124830 Bytes View Paper

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. 57 Pages 190803 Bytes View Paper

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. 53 Pages 206725 Bytes View Paper

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