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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 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
2408

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Access to Public Capital Markets and Employment Growth

Alexander Borisov Andrew Ellul Merih Sevilir

in: Journal of Financial Economics, Nr. 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.

Publikation lesen
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Activism and Empire Building

Nickolay Gantchev Merih Sevilir Anil Shivdasani

in: Journal of Financial Economics, Nr. 2, 2020

Abstract

Hedge fund activists target firms engaging in empire building and improve their future acquisition and divestiture strategy. Following intervention, activist targets make fewer acquisitions but obtain substantially higher returns by avoiding large and diversifying deals and refraining from acquisitions during merger waves. Activist targets also increase the pace of divestitures and achieve higher divestiture returns than matched non-targets. Activists curtail empire building through the removal of empire building chief executive officers (CEOs), compensation based incentives, and appointment of new board members. Our findings highlight an important channel through which activists improve efficiency and create shareholder value.

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Venture Capitalists on Boards of Mature Public Firms

Ugur Celikyurt Merih Sevilir Anil Shivdasani

in: Review of Financial Studies, Nr. 1, 2014

Abstract

Venture capitalists (VCs) often serve on the board of mature public firms long after their initial public offering (IPO), even for companies that were not VC-backed at the IPO. Board appointments of VC directors are followed by increases in research and development intensity, innovation output, and greater deal activity with other VC-backed firms. VC director appointments are associated with positive announcement returns and are followed by an improvement in operating performance. Firms experience higher announcement returns from acquisitions of VC-backed targets following the appointment of a VC director to the board. Hence, in addition to providing finance, monitoring and advice for small private firms, VCs play a significant role in mature public firms and have a broader influence in promoting innovation than has been established in the literature.

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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, 2024

Abstract

<p>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.</p>

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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

<p>We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&amp;D tax credits to startups via the M&amp;A channel. We show that when established firms become eligible for R&amp;D tax credits, they increase their R&amp;D and M&amp;A activity. In particular, they acquire more venture capital (VC)-backed startups, but not non-VC-backed firms. Moreover, the impact of R&amp;D tax credits on firms’ R&amp;D is increasing with their acquisition of VC-backed startups. The results suggest that established firms respond to R&amp;D tax credits by acquiring startups rather than solely focusing on increasing their R&amp;D intensity in-house. We also highlight evidence that startups do not appear to benefit from R&amp;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&amp;D tax credits, effectively relaxing the financial constraints faced by startups.</p>

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Going Public and the Internal Organization of the Firm

Daniel Bias Benjamin Lochner Stefan Obernberger Merih Sevilir

in: SSRN Working Paper, May 2022

Abstract

We examine how firms adapt their organization when they go public. To conform with the requirements of public capital markets, we expect IPO firms to become more organized, making the firm more accountable and its human capital more easily replaceable. We find that IPO firms transform into a more hierarchical organization with smaller departments. Managerial oversight increases. Organizational functions dedicated to accounting, finance, information and communication, and human resources become much more prominent. Employee turnover is sizeable and directly related to changes in hierarchical layers. New hires are better educated, but younger and less experienced than incumbents, which reflects the staffing needs of a more hierarchical organization. Wage inequality increases as firms become more hierarchical. Overall, going public is associated with a comprehensive transformation of the firm's organization which becomes geared towards efficiently operating a public firm.

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Themen

Startups und Entrepreneurship Unternehmensfinanzierung Regulierung
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