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On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2009

Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank bailouts. Government recapitalizations result in positive abnormal returns for the clients of recapitalized banks. After recapitalizations, banks extend larger loans to their...

Persistent link: https://www.econbiz.de/10005014571

Weddings with Uncertain Prospects - Mergers under Asymmetric Information

Borek, Thomas; Bühler, Stefan; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2003

the respective mono-tonicity properties. If the profit differential between post-merger and pre-merger profits satisfies … equilibria of merger games with simultaneous and sequential moves. The application of our framework to specific oligopoly models … illustrates that the introduction of two-sided asymmetric information may lead to considerable changes in the predicted merger …

Persistent link: https://www.econbiz.de/10005788984

The Toehold Puzzle

Betton, Sandra; Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2005

The substantial control premium in corporate takeovers makes a compelling case for acquiring target shares (a toehold) prior to launching a bid. Nevertheless, with a sample exceeding ten thousand initial control bids for public targets, we show that toehold bidding has declined steadily since...

Persistent link: https://www.econbiz.de/10005792041

To Merge or to License: Implications for Competition Policy

Faulí-Oller, Ramon; Sandonís, Joel - C.E.P.R. Discussion Papers - 2001

The optimal competition policy when licensing is an alternative to a merger, which has the intention of transferring a … of the US Horizontal Merger Guidelines. In contrast, when only one instrument is feasible, be it fixed fees or royalties …

Persistent link: https://www.econbiz.de/10005792457

How Strong Buyers Spur Upstream Innovation

Inderst, Roman; Wey, Christian - C.E.P.R. Discussion Papers - 2005

We challenge the view that the presence of powerful buyers stifles suppliers' incentives to innovate. Following Katz (1987), we model buyer power as buyers' ability to substitute away from a given supplier and isolate several effects that support the opposite view, namely that the presence of...

Persistent link: https://www.econbiz.de/10005136445

The Incentives for Takeover in Oligopoly

Inderst, Roman; Wey, Christian - C.E.P.R. Discussion Papers - 2002

This Paper presents a model of takeover incentives in an oligopolistic industry, which, in contrast to previous approaches, takes both insiders' and outsiders' gains from an increase in industry concentration into account. Our main application is to compare takeover incentives in a...

Persistent link: https://www.econbiz.de/10005136493

Mergers as Auctions

Ivaldi, Marc; Motis, Jrissy - C.E.P.R. Discussion Papers - 2007

structural approach to infer acquirers’ gains from merging by interpreting a merger as an auction. Using nonparametric methods …

Persistent link: https://www.econbiz.de/10005656211

Internal versus External Growth in Industries with Scale Economies: A Computational Model of Optimal Merger Policy

Mermelstein, Ben; Nocke, Volker; Satterthwaite, Mark; … - C.E.P.R. Discussion Papers - 2014

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

Persistent link: https://www.econbiz.de/10011084004

Auctions vs. Negotiations

Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 1994

Which is the more profitable way to sell a company: a public auction or an optimally structured negotiation with a smaller number of bidders? We show that under standard assumptions the public auction is always preferable, even if it forfeits all the seller's negotiating power, including the...

Persistent link: https://www.econbiz.de/10005666938

International Taxation and the Direction and Volume of Cross-Border M&As

Huizinga, Harry; Voget, Johannes - C.E.P.R. Discussion Papers - 2006

In an international merger or acquisition, the national residences of the acquirer and the target determine to what …

Persistent link: https://www.econbiz.de/10005788872