2021年5月17日
5月28日（金）Niklas Uliczka氏（東北大学）のオンラインセミナーを開催します。
日時：5月28日（金）17:15-18:45
報告者：Niklas Uliczka（東北大学）
場所：Online Seminar in Zoom
幹事：釜賀 浩平
言語：英語
タイトル：The Impact of Mergers and Acquisitions on Top Income Shares
要旨：
Each successfully completed M&A transaction generates lucrative income opportunities to specific parties involved in deal-making due to compensation mechanisms linked to the transaction value. In theory, this transactional channel of M&A activity might relate to income inequality. The main objective of this study is to provide the first empirical analysis on the relationship between M&A and income shares at the very top of the income distribution. Using an unbalanced panel design with country-year observations from 46 countries allows exploiting cross-sectional along with the temporal variation. Methodologically, the Driscoll and Kraay estimator is applied as it is heteroskedasticity consistent and robust to general forms of serial or cross-sectional dependence. This study finds statistical evidence for a positive and non-linear association pattern between changes in M&A activity and changes in top income shares, indicating pro-rich effects. Additionally, periods of systematic banking crises significantly intensify the relationship between M&A activity and increasing income concentration.
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