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Author

Adam Hanan

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Jul 2026

When subsidies build empires, not value

We examine how government subsidies alter corporate control activity in publicly traded U.S. firms. Using a panel from 2000–2022 that links Good Jobs First subsidy records with Bloomberg merger and acquisition (M&A) data, we find that subsidies increase firms’ likelihood of becoming acquirers while reducing their pro...

Adam Hanan, José Antonio Pérez‐Amuedo, M. Hassan et al. · 0 citations

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