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UID:05b15c995f46f4b824109c8c633baa62
CATEGORIES:Seminars
CREATED:20250707T080511
SUMMARY: Pascuel Plotkin - CEMFI
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nFirm Restructuring and Worker Outcomes: Evidence from Branch Transfers 
 in Italy”\nAbstract:  \nWe study the labor market consequences of firm
  restructuring using branch transfers (cessioni di ramo d'azienda) recorded
  in Italian administrative data over 2005-2023. Under Italian law, when a f
 irm transfers a business unit to another entity, affected workers follow th
 e branch under the same contractual terms - creating a sharp, identifiable 
 reallocation event that we can trace in employer-employee records linked to
  firm balance sheets. Using a matched event-study design, we examine outcom
 es for workers transferred to the receiving firm (leavers) and workers who 
 remain at the origin firm (stayers). We find negative, persistent earnings 
 losses for leavers, driven primarily by transitions to non-employment. Stri
 kingly, stayers experience even larger losses despite remaining at the same
  employer - suggesting that restructuring erodes the value of ongoing emplo
 yment relationships beyond what the direct reallocation of workers would im
 ply. Effects are highly heterogeneous: transfers between unrelated firms re
 semble the "fissured workplace" pattern of excluding workers from rents, wh
 ile within-group reorganizations are relatively benign, and there is substa
 ntial variation across industries. Leaver and stayer effects at the same ev
 ent are positively correlated, consistent with restructuring operating as a
  joint shock. Our results reveal that the costs of firm restructuring exten
 d well beyond the directly transferred workers.\n
DTSTAMP:20260414T180146Z
DTSTART:20260416T163000Z
DTEND:20260416T180000Z
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