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| To assess to what extent collective job displacements can be regarded as unanticipated exogenous shocks for affected employees we analyze plant-level employment patterns before bankruptcy plant closure without bankruptcy and mass layoff. Utilizing administrative data covering all West German private sector plants we find no systematic employment reductions prior to mass layoffs a strong and long-lasting reduction prior to closures and a much shorter shadow of death preceding bankruptcy. Our analysis of worker flows underlines that bankruptcies seem to struggle for survival while closures follow a shrinking strategy. We conclude that the scope of worker anticipation of upcoming job loss is smallest for mass layoffs and largest for closures without bankruptcy. |
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