Do Employees Cheer for Private Equity? The Heterogeneous Effects of Buyouts on Job Quality

The authors thank Ammon Lam, Cangyuan Li, Jun Wong, and Tej Chilukuri for their excellent research assistance. For comments, the authors are grateful to Nuri Ersahin, Steve Kaplan, Gordon Philipps, Paola Sapienza, Constantine Yannelis, Ivo Welch, and Luigi Zingales as well as seminar audiences at the NBER Corporate Finance Meeting, University of North Carolina Institute for Private Capital/Private Equity Research Consortium Private Equity Research Symposium, European Finance Association Conference, Financial Intermediation Research Society conference, University of California, Los Angeles Anderson Fink Center Conference on Financial Markets, Pacific Northwest Finance Conference, Dartmouth, University of Virginia Darden, Michigan State, and UT San Antonio. W. Gornall thanks the Social Sciences and Humanities Research Council of Canada for their support and gratefully acknowledges that this research was undertaken, in part, thanks to funding from the Canada Excellence Research Chairs program awarded to Dr. Erik Snowberg in data-intensive methods in economics. O. Gredil thanks StepStone Group for providing data access. S. T. Howell thanks the NYU Stern Center for Sustainable Business.