When Vultures Bring Blessings: Employment Growth in Japanese Businesses under Private Equity Ownership

Tracking the effect of private equity ownership on employment in Japan, we find evidence that employment grows significantly under private equity ownership, a finding that runs against common expectations and stands in stark contrast with results from studies on Anglo-Saxon economies. We further find that the increase is not attributable to selection effects and that growth rates during the holding period are significantly higher than under the previous ownership. Triangulating these findings through interviews with labor, management, and fund ownership, we find implicit labor protection through reputational concerns the underlying taming mechanism for the observed deviation from expected patterns of employment reduction

When Vultures Bring Blessings: Employment Growth in Japanese Businesses under Private Equity Ownership

We track the effect of private equity ownership on employment in a methodological setup uniting descriptive analysis with checks for selection effects and causality. Applying this approach to buyout investments in Japan, we find evidence that employment grows significantly under private equity ownership, a finding that is in stark contrast with earlier studies on Anglo-Saxon economies; that the increase is not attributable to selection effects; and that growth rates during the holding period are significantly higher than under the previous ownership. We seek an explanation in the institutional setup and explore the relevance of reputation in transactions with revealed identities

When Vultures Bring Blessings: Employment Growth in Japanese Businesses under Private Equity Ownership

We track the effect of private equity ownership on employment in a methodological setup uniting descriptive analysis with checks for selection effects and causality. Applying this approach to buyout investments in Japan, we find evidence that employment grows significantly under private equity ownership, a finding that is in stark contrast with earlier studies on Anglo-Saxon economies; that the increase is not attributable to selection effects; and that growth rates during the holding period are significantly higher than under the previous ownership. We seek an explanation in the institutional setup and explore the relevance of reputation in transactions with revealed identities

When Vultures Bring Blessings: Employment Growth in Japanese businesses under Private Equity Ownership

Tracking the effect of private equity ownership on employment in Japan, we find evidence that employment grows significantly under private equity ownership, a finding that runs against common expectations and stands in stark contrast with results from studies on Anglo-Saxon economies. We further find that the increase is not attributable to selection effects and that growth rates during the holding period are significantly higher than under the previous ownership. Triangulating these findings through interviews with labor, management, and fund ownership, we find implicit labor protection through reputational concerns the underlying taming mechanism for the observed deviation from expected patterns of employment reduction

Modeling the „Visitors to Rome“ effect: Reputation Building in Anglo-Saxon Buyout Funds in Japan

Stereotypes pose a major challenge to agents entering a foreign market. In order to overcome these stereotypes, visitor agents may decide to emulate domestic behavior. We develop a simple model of reputation building in transactions where identities are revealed and show that this tendency may even imply over-assimilation if stereotypes are sticky and assimilation efforts are not overly costly. The model predictions are tested using data on private equity-led buyout transactions in Japan from 1998 to 2015. While early transactions by Anglo-Saxon investors display marked differences, there is a strong tendency toward approximation of domestic standards, which eventually leads to over-compensation

Effect of final irrigation protocols on microhardness reduction and erosion of root canal dentin

Abstract This study aimed to evaluate the effect of final irrigation protocols on microhardness reduction and erosion of root canal dentin. Sixty root canals from mandibular incisors were instrumented and randomly divided into six groups (n = 10) according to the irrigant used: QMiX, 17% EDTA, 10% citric acid (CA), 1% peracetic acid (PA), 2.5% NaOCl (solution control), and distilled water (negative control). The chelating solutions were used to irrigate the canal followed by 2.5% NaOCl as a final flush. After the irrigation protocols, all specimens were rinsed with 10 mL of distilled water to remove any residue of the chemical solutions. Before and after the final irrigation protocols, dentin microhardness was measured with a Knoop indenter. Three indentations were made at 100 µm and 500 µm from the root canal lumen. Afterwards, the specimens were prepared for scanning electron microscopic analysis and the amount of dentin erosion was examined. Wilcoxon and Kruskal-Wallis tests were used to analyze the results with a significance level set at 5%. At 100 µm, all protocols significantly reduced dentin microhardness (p < .05), while at 500 µm, this effect was detected only in the EDTA and QMiX groups (p < .05). CA was the irrigant that caused more extensive erosion in dentinal tubules, followed by PA and EDTA. QMiX opened dentinal tubules, but did not cause dentin erosion. Results suggest that QMiX and 17% EDTA reduced dentin microhardness at a greater depth. Additionally, QMiX did not cause dentin erosion