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Professorin Merih Sevilir, Ph.D.

Professorin Merih Sevilir, Ph.D.
Aktuelle Position

seit 6/22

Leiterin der Abteilung Gesetzgebung, Regulierung und Faktormärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 6/22

Professorin

European School of Management and Technology Berlin (ESMT)

seit 1/23

Leiterin der Forschungsgruppe Öffentliche Kapitalmärkte und Entstehung von Startups

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

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Forschungsschwerpunkte
  • Finanzwissenschaft
  • Arbeitsmarktökonomik
  • Unternehmensführung

Merih Sevilir ist Professorin für Finance an der European School of Management and Technology (ESMT) in Berlin und leitet seit Juni 2022 die Abteilung Gesetzgebung, Regulierung und Faktormärkte am IWH.

Merih Sevilir hat an der Bogazici University, der University of Warwick und der INSEAD studiert. Im Jahr 2003 schloss sie ihre Promotion in Finance ab. Bevor sie zum IWH kam, war sie Professorin an der Indiana University.

Ihr Kontakt

Professorin Merih Sevilir, Ph.D.
Professorin Merih Sevilir, Ph.D.
- Abteilung Gesetzgebung, Regulierung und Faktormärkte
Nachricht senden +49 345 7753-808 LinkedIn Profil

Publikationen

Zitationen
2829

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Going Public and the Internal Organization of the Firm

Daniel Bias Benjamin Lochner Stefan Obernberger Merih Sevilir

in: Journal of Finance, im Erscheinen

Abstract

This paper examines how initial public offerings (IPOs) affect firms' internal organization. We find that IPO firms become more hierarchical and standardized organizations, characterized by additional layers, more managers, smaller control spans, and larger administrative functions. These changes occur mostly in preparation for the IPO and can be only partially explained by growth. IPO firms with greater human capital risk experience larger hierarchical changes. Hierarchical changes help firms standardize employee roles and formalize internal processes. Our results suggest that firms reorganize to reduce their dependence on key individuals' human capital when transitioning to public markets.

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Private Equity in the Hospital Industry

Janet Gao Yongseok Kim Merih Sevilir

in: Journal of Financial Economics, Vol. 171 (September), 2025

Abstract

We examine employment and patient outcomes at hospitals acquired by private equity (PE) firms and PE-backed hospitals. While employment declines at PE-acquired hospitals, core medical workers (physicians, nurses, and pharmacists) increase significantly. The proportion of wages paid to core workers increases at PE-acquired hospitals whereas the proportion paid to administrative employees declines. These results are most pronounced for deals where the acquirers are publicly traded PE-backed hospitals. Non-PE-backed acquirers also cut employment but do not increase core workers or reduce administrative expenditures. Finally, PE-backed acquirers are not associated with worse patient satisfaction or mortality rates compared to their non-PE-backed counterparts.

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Access to Public Capital Markets and Employment Growth

Alexander Borisov Andrew Ellul Merih Sevilir

in: Journal of Financial Economics, Vol. 141 (3), 2021

Abstract

This paper examines the effect of going public on firm-level employment. To establish a causal effect, we employ a novel data set of private firms to investigate employment growth in IPO firms relative to a group of firms that file for an IPO but subsequently withdraw their offering. We find that employment increases significantly after going public, and the increase is more pronounced in industries with requirements for highly skilled labor and greater dependence on external finance. Improved ability to undertake acquisitions and a strategic shift toward commercialization, rather than agency problems, explain employment growth. Overall, these results highlight the importance of going public for firms' employment policies.

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Arbeitspapiere

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Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry

Janet Gao Tim Liu Sara Malik Merih Sevilir

in: SSRN Working Paper, Nr. 4946064, 2025

Abstract

We compare the effects of external financing shocks on patient mortality at nonprofit and for-profit hospitals. Using confidential patient-level data, we find that patient mortality increases to a lesser extent at nonprofit hospitals than at for-profit ones facing exogenous, negative shocks to debt capacity. Such an effect is not driven by patient characteristics or their choices of hospitals. It is concentrated among patients without private insurance and patients with higher-risk diagnoses. Potential economic mechanisms include nonprofit hospitals' having deeper cash reserves and greater ability to maintain spending on medical staff and equipment, even at the expense of lower profitability. Overall, our evidence suggests that nonprofit organizations can better serve social interests during financially challenging times.

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R&D Tax Credits and the Acquisition of Startups

William McShane Merih Sevilir

in: IWH Discussion Papers, Nr. 15, 2023

Abstract

We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&D tax credits to startups via the M&A channel. We show that when established firms become eligible for R&D tax credits, they increase their R&D and M&A activity. In particular, they acquire more venture capital (VC)-backed startups, but not non-VC-backed firms. Moreover, the impact of R&D tax credits on firms’ R&D is increasing with their acquisition of VC-backed startups. The results suggest that established firms respond to R&D tax credits by acquiring startups rather than solely focusing on increasing their R&D intensity in-house. We also highlight evidence that startups do not appear to benefit from R&D tax credits directly, perhaps because they typically lack the taxable income necessary to directly benefit from the tax credits. In this context, established firms can play an intermediary role by acquiring startups and reallocating R&D tax credits, effectively relaxing the financial constraints faced by startups.

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