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We argue that investor protection changes the relative importance of productivity and scale as drivers of corporate control transfers. Using a large sample of European firms we find that control transfers are more correlated with increasing profitability and less correlated with increasing size when investor protection is strong. This suggests that improving productivity is more important as a driver of acquisitions when investor protection is strong, and alleviating financial constraints or empire building are more important when investor protection is weak. Our evidence is consistent with the idea that good investor protection promotes a more productive use of corporate assets.

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A large body of work has highlighted the importance of employment reallocation as a driver of aggregate productivity growth, but there is little direct evidence on the extent of this process at the firm-worker level. We use an administrative matched employer-employee census for Chile to provide novel insights into the relationship between job transitions and productivity variation across firms, and to quantify the contribution of different worker groups to aggregate reallocation. As many theories would predict, worker flows from lower-to higher-productivity firms are larger than those of the opposite sign. Empirically, however, this is only marginally so. Almost half of all transitions occur "down the firm productivity ladder." This process is also highly heterogeneous along several dimensions. Up-the-ladder flows are more likely for direct job-to-job transitions than those that pass through non-employment, and among firms in the upper end of the productivity distribution. They are also much more likely for young, high-skilled workers, whose job transitions comprise in an accounting sense the lion's share of aggregate productivity change. Interestingly, workers with the highest job turnover rates contribute proportionally the least to aggregate productivity changes. Aggregate reallocation gains are therefore mostly explained by a relatively narrow subset of job transitions. Put together, this evidence implies that the productivity mechanics of job reallocation yield a net benefit, but this hides massive and heterogeneous gross flows underneath.