Davis, Steven J. and Haltiwanger, John C. and Handley, Kyle and Lerner, Josh and Lipsius, Ben and Miranda, Javier, The Economic Effects of Private Equity Buyouts (October 7, 2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3465723
Abstract: We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. Employment at target firms shrinks 13% over two years in buyouts of publicly listed firms but expands 13% in buyouts of privately held firms, both relative to contemporaneous outcomes at control firms. Labor productivity rises 8% at targets over two years post buyout (again, relative to controls), with large gains for both public-to-private and private-to-private buyouts. Target productivity gains are larger yet for deals executed amidst tight credit conditions. A post-buyout widening of credit spreads or slowdown in GDP growth lowers employment growth at targets and sharply curtails productivity gains in public-to-private and divisional buyouts. Average earnings per worker fall by 1.7% at target firms after buyouts, largely erasing a pre-buyout wage premium relative to controls. Wage effects are also heterogeneous. In these and other respects, the economic effects of private equity vary greatly by buyout type and with external conditions.
Keywords: private equity, buyouts
JEL Classification: G24, G24, )31
Thursday, October 10, 2019
From 2018... Some said prehistoric Africa was mankind's cradle & prehistoric Europe human intelligence's cradle; the African Middle Stone Age, going back 300,000 years, is challenging this view
From 2018... Symbolic arts and rituals in the African Middle Stone Age. E. John Collins. UTAFITI, Vol. 13, No. 1, 2018. http://www.journals.udsm.ac.tz/index.php/uj/article/viewFile/2329/2413
Abstract Since the 1950s the huge amount of archaeological research done in Africa has shown that Homo sapiens originally came from Africa rather than Western Eurasia as was previously thought. Nevertheless, some Western scholars retain a Eurocentric bias by suggesting that humans only became fully intelligent after they migrated out of Africa and settled in Europe where, during the ‘Upper Palaeolithic Transition’ around 45,000 years ago, there was an abrupt advance in human neural wiring. Their evidence is the relatively sudden change from Middle Palaeolithic to more advanced Upper Palaeolithic2 tools and the appearance of the spectacular figurative cave art of Europe. This mental revolution was initially believed to have occurred in ‘Cro-Magnon Man’ who lived in Europe and Western Eurasia 45,00040,000 years ago and was considered to be the first human to have the cross-domain cognition and enhanced memory necessary for a sophisticated language and symbolic behaviour. In short, although after the 1950s archaeologists generally have acknowledged that prehistoric Africa was the cradle of mankind, some still insist that prehistoric Europe was the cradle of human intelligence. New research on the African Middle Stone Age (MSA), that itself goes back 300,000 years, is challenging this view. This paper provides some examples of symbolic, ritual and artistic behaviour, and indeed advanced tool making that took place during this period and up to around 60,000 years ago, long before the appearance of CroMagnon Man.
Abstract Since the 1950s the huge amount of archaeological research done in Africa has shown that Homo sapiens originally came from Africa rather than Western Eurasia as was previously thought. Nevertheless, some Western scholars retain a Eurocentric bias by suggesting that humans only became fully intelligent after they migrated out of Africa and settled in Europe where, during the ‘Upper Palaeolithic Transition’ around 45,000 years ago, there was an abrupt advance in human neural wiring. Their evidence is the relatively sudden change from Middle Palaeolithic to more advanced Upper Palaeolithic2 tools and the appearance of the spectacular figurative cave art of Europe. This mental revolution was initially believed to have occurred in ‘Cro-Magnon Man’ who lived in Europe and Western Eurasia 45,00040,000 years ago and was considered to be the first human to have the cross-domain cognition and enhanced memory necessary for a sophisticated language and symbolic behaviour. In short, although after the 1950s archaeologists generally have acknowledged that prehistoric Africa was the cradle of mankind, some still insist that prehistoric Europe was the cradle of human intelligence. New research on the African Middle Stone Age (MSA), that itself goes back 300,000 years, is challenging this view. This paper provides some examples of symbolic, ritual and artistic behaviour, and indeed advanced tool making that took place during this period and up to around 60,000 years ago, long before the appearance of CroMagnon Man.
History backfires: Reminders of past injustices against women undermine support for workplace policies promoting women
History backfires: Reminders of past injustices against women undermine support for workplace policies promoting women. Ivona Hideg, Anne E. Wilson. Organizational Behavior and Human Decision Processes, October 10 2019. https://doi.org/10.1016/j.obhdp.2019.10.001
Highlights
• Reminders of past injustice toward women undermine men’s support for an EE policy.
• Undermined support is due to men’s denial of current gender discrimination.
• Reminders of past injustice toward women do not influence women’s reactions to EE.
• Information about women’s advancement mitigate men’s negative reactions to EE.
• Men’s undermined support for EE is further mediated by lower collective self-esteem.
Abstract: Public discourse on current inequalities often invokes past injustice endured by minorities. This rhetoric also sometimes underlies contemporary equality policies. Drawing on social identity theory and the employment equity literature, we suggest that reminding people about past injustice against a disadvantaged group (e.g., women) can invoke social identity threat among advantaged group members (e.g., men) and undermine support for employment equity (EE) policies by fostering the belief that inequality no longer exists. We find support for our hypotheses in four studies examining Canadian (three studies) and American (one study) EE policies. Overall, we found that reminders of past injustice toward women undermined men’s support for an EE policy promoting women by heightening their denial of current gender discrimination. Supporting a social identity account, men’s responses were mediated by collective self-esteem, and were attenuated when threat was mitigated. Reminders of past injustice did not influence women’s support for the EE policy.
Highlights
• Reminders of past injustice toward women undermine men’s support for an EE policy.
• Undermined support is due to men’s denial of current gender discrimination.
• Reminders of past injustice toward women do not influence women’s reactions to EE.
• Information about women’s advancement mitigate men’s negative reactions to EE.
• Men’s undermined support for EE is further mediated by lower collective self-esteem.
Abstract: Public discourse on current inequalities often invokes past injustice endured by minorities. This rhetoric also sometimes underlies contemporary equality policies. Drawing on social identity theory and the employment equity literature, we suggest that reminding people about past injustice against a disadvantaged group (e.g., women) can invoke social identity threat among advantaged group members (e.g., men) and undermine support for employment equity (EE) policies by fostering the belief that inequality no longer exists. We find support for our hypotheses in four studies examining Canadian (three studies) and American (one study) EE policies. Overall, we found that reminders of past injustice toward women undermined men’s support for an EE policy promoting women by heightening their denial of current gender discrimination. Supporting a social identity account, men’s responses were mediated by collective self-esteem, and were attenuated when threat was mitigated. Reminders of past injustice did not influence women’s support for the EE policy.
Time spent using social media was not related to individual changes in depression or anxiety over 8 years,even in the transition between adolescence and emerging adulthood; no sex differences observed
Does time spent using social media impact mental health?: An eight year longitudinal study. Sarah M. Coyne et al. Computers in Human Behavior, October 10 2019, 106160. https://doi.org/10.1016/j.chb.2019.106160
Highlights
• Time spent using social media was not related to individual changes in depression or anxiety over 8 years.
• This lack of a relationship was found even in the transition between adolescence and emerging adulthood.
• Results were not stronger for girls or boys.
Abstract: Many studies have found a link between time spent using social media and mental health issues, such as depression and anxiety. However, the existing research is plagued by cross-sectional research and lacks analytic techniques examining individual change over time. The current research involves an 8-year longitudinal study examining the association between time spent using social media and depression and anxiety at the intra-individual level. Participants included 500 adolescents who completed once-yearly questionnaires between the ages of 13 and 20. Results revealed that increased time spent on social media was not associated with increased mental health issues across development when examined at the individual level. Hopefully these results can move the field of research beyond its past focus on screen time.
Highlights
• Time spent using social media was not related to individual changes in depression or anxiety over 8 years.
• This lack of a relationship was found even in the transition between adolescence and emerging adulthood.
• Results were not stronger for girls or boys.
Abstract: Many studies have found a link between time spent using social media and mental health issues, such as depression and anxiety. However, the existing research is plagued by cross-sectional research and lacks analytic techniques examining individual change over time. The current research involves an 8-year longitudinal study examining the association between time spent using social media and depression and anxiety at the intra-individual level. Participants included 500 adolescents who completed once-yearly questionnaires between the ages of 13 and 20. Results revealed that increased time spent on social media was not associated with increased mental health issues across development when examined at the individual level. Hopefully these results can move the field of research beyond its past focus on screen time.
Beauty Is in the Eye of the Beholder: The Appraisal of Facial Attractiveness Requires Conscious Awareness, Contrary to Suggestions
Beauty Is in the Eye of the Beholder: The Appraisal of Facial
Attractiveness and Its Relation to Conscious Awareness. Myron
Tsikandilakis, Persefoni Bali, Peter Chapman. Perception, December 19,
2018. https://doi.org/10.1177/0301006618813035
Abstract: Previous research suggests that facial attractiveness relies on features such as symmetry, averageness and above-average sexual dimorphic characteristics. Due to the evolutionary and sociobiological value of these characteristics, it has been suggested that attractiveness can be processed in the absence of conscious awareness. This raises the possibility that attractiveness can also be appraised without conscious awareness. In this study, we addressed this hypothesis. We presented neutral and emotional faces that were rated high, medium and low for attractiveness during a pilot experimental stage. We presented these faces for 33.33 ms with backwards masking to a black and white pattern for 116.67 ms and measured face-detection and emotion-discrimination performance, and attractiveness ratings. We found that high-attractiveness faces were detected and discriminated more accurately and rated higher for attractiveness compared with other appearance types. A Bayesian analysis of signal detection performance indicated that faces were not processed significantly at-chance. Further assessment revealed that correct detection (hits) of a presented face was a necessary condition for reporting higher ratings for high-attractiveness faces. These findings suggest that the appraisal of attractiveness requires conscious awareness.
Keywords attractiveness, masking, awareness
Abstract: Previous research suggests that facial attractiveness relies on features such as symmetry, averageness and above-average sexual dimorphic characteristics. Due to the evolutionary and sociobiological value of these characteristics, it has been suggested that attractiveness can be processed in the absence of conscious awareness. This raises the possibility that attractiveness can also be appraised without conscious awareness. In this study, we addressed this hypothesis. We presented neutral and emotional faces that were rated high, medium and low for attractiveness during a pilot experimental stage. We presented these faces for 33.33 ms with backwards masking to a black and white pattern for 116.67 ms and measured face-detection and emotion-discrimination performance, and attractiveness ratings. We found that high-attractiveness faces were detected and discriminated more accurately and rated higher for attractiveness compared with other appearance types. A Bayesian analysis of signal detection performance indicated that faces were not processed significantly at-chance. Further assessment revealed that correct detection (hits) of a presented face was a necessary condition for reporting higher ratings for high-attractiveness faces. These findings suggest that the appraisal of attractiveness requires conscious awareness.
Keywords attractiveness, masking, awareness
The magnitude of sex differences in verbal episodic memory increases with social progress: Data from 54 countries across 40 years
Asperholm M, Nagar S, Dekhtyar S, Herlitz A (2019) The magnitude of sex differences in verbal episodic memory increases with social progress: Data from 54 countries across 40 years. PLoS ONE 14(4): e0214945. https://doi.org/10.1371/journal.pone.0214945
Abstract: Sex differences in episodic memory have been reported. We investigate (1) the existence of sex differences in verbal and other episodic memory tasks in 54 countries, and (2) the association between the time- and country-specific social progress indicators (a) female to male ratio in education and labor force participation, (b) population education and employment, and (c) GDP per capita, and magnitude of sex differences in verbal episodic memory tasks. Data were retrieved from 612 studies, published 1973–2013. Results showed that females outperformed (Cohen’s d > 0) males in verbal (42 out of 45 countries) and other (28 out of 45 countries) episodic memory tasks. Although all three social progress indicators were, separately, positively associated with the female advantage in verbal episodic memory performance, only population education and employment remained significant when considering the social indicators together. Results suggest that women’s verbal episodic memory performance benefits more than men’s from education and employment.
Abstract: Sex differences in episodic memory have been reported. We investigate (1) the existence of sex differences in verbal and other episodic memory tasks in 54 countries, and (2) the association between the time- and country-specific social progress indicators (a) female to male ratio in education and labor force participation, (b) population education and employment, and (c) GDP per capita, and magnitude of sex differences in verbal episodic memory tasks. Data were retrieved from 612 studies, published 1973–2013. Results showed that females outperformed (Cohen’s d > 0) males in verbal (42 out of 45 countries) and other (28 out of 45 countries) episodic memory tasks. Although all three social progress indicators were, separately, positively associated with the female advantage in verbal episodic memory performance, only population education and employment remained significant when considering the social indicators together. Results suggest that women’s verbal episodic memory performance benefits more than men’s from education and employment.
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