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Do Mergers Improve Information? Evidence from the Loan Market

Panetta, Fabio; Schivardi, Fabiano; Shum, Matthew - C.E.P.R. Discussion Papers - 2005

We examine the informational effects of M&As by investigating whether bank mergers improve banks’ ability to screen … imperfectly, we find evidence of these informational improvements. Mergers lead to a closer correspondence between interest rates …

Persistent link: https://www.econbiz.de/10005662112

Merger Activity and Executive Pay

Girma, Sourafel; Thompson, Steve; Wright, Peter - C.E.P.R. Discussion Papers - 2002

This Paper examines the impact of mergers and acquisitions on the remuneration of the CEOs in a large unbalanced panel … generated by the growth in firm size consequent upon the merger. This is consistent with the view that mergers reveal … size-reducing divestments. When mergers are distinguished by their impact on shareholder wealth we find that CEOs engaging …

Persistent link: https://www.econbiz.de/10005662202

Competing for Ownership

Legros, Patrick; Newman, Andrew - C.E.P.R. Discussion Papers - 2000

We provide a simple framework for analysing how organizations are designed in a competitive economy. We focus on the allocation of rights of control and show that in the presence of liquidity constraints, transferring authority can serve as an effective means of transferring surplus, although...

Persistent link: https://www.econbiz.de/10005666779

The Political Economy of Corporate Governance

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2001

predicts the frequency of mergers and acquisitions to be negatively correlated with employment protection. These predictions …

Persistent link: https://www.econbiz.de/10005666907

The Coordinated Effects of Mergers in Differentiated Products Markets

Kühn, Kai-Uwe - C.E.P.R. Discussion Papers - 2004

The Paper addresses the issue of coordinated effects of mergers in the framework of a differentiated products model …, mergers are unprofitable unless the length of product lines is very asymmetric. We discuss the implications of the analysis …

Persistent link: https://www.econbiz.de/10005667006

The Insiders' Dilemma: An Experiment on Merger Formation

Lindqvist, Tobias; Stennek, Johan - C.E.P.R. Discussion Papers - 2005

) considerations also make profitable mergers difficult. Mergers that should occur in equilibrium do not, since they require an unequal …

Persistent link: https://www.econbiz.de/10005789098

Almost Common Value Auctions: The 'Wallet Game' and its Applications to Takeover Battles and Airwaves Auctions

Klemperer, Paul - C.E.P.R. Discussion Papers - 1997

We use a classroom game, the ‘Wallet Game’, to show that in standard ascending, i.e. English, auctions of close-to-common-values objects, even slight asymmetries between bidders can have very large effects on prices. Examples of small asymmetries are a small value advantage for one bidder or...

Persistent link: https://www.econbiz.de/10005791269

Disruptive Technologies and the Emergence of Competition

Adner, Ron; Zemsky, Peter - C.E.P.R. Discussion Papers - 2003

standard results on the effects of mergers in Cournot models. Prior work finds that, absent efficiency gains, mergers among … neither of these results need hold when mergers can alter the boundaries of technology competition. …

Persistent link: https://www.econbiz.de/10005791327

On the Incentive Problems in Financial Conglomerates

Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2002

This paper analyses the effects of scope expansion on the core activity of banks and provides a rationale for their interest in offering a wider product range. We show that scope economies may stem from moral hazard in the core business, and argue that a cost of scope expansion might be the...

Persistent link: https://www.econbiz.de/10005791861

Why and Where do Headquarters Move?

Strauss-Kahn, Vanessa; Vives, Xavier - C.E.P.R. Discussion Papers - 2005

This paper analyses decisions regarding the location of headquarters in the US for the period 1996-2001. Using a unique firm-level database of about 30,000 US headquarters, we study the firm- and location-specific characteristics of headquarters that relocated over that period. Headquarters are...

Persistent link: https://www.econbiz.de/10005791881