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The Employment Effects of Mergers in a Declining Industry: The Case of South African Gold Mining.

Abstract:

With data from the South African gold mining industry, we find evidence consistent with theories that mergers and acquisitions allow for the shedding of excess labor. Mergers are arguably exogenous in our sample, while an industry in decline can provide a good setting for testing the theories. The data clearly portray rises in real wages and falling employment after the end of apartheid. We find evidence of a significant negative effect of mergers/acquisitions on employment. The magnitude is ...

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Publisher:
Department of Economics (University of Oxford)
Series:
Discussion paper series
Publication date:
2008-01-01
UUID:
uuid:067ce973-df64-4452-a410-ceda771ff03a
Local pid:
oai:economics.ouls.ox.ac.uk:12538
Deposit date:
2011-08-15

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