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Flexibility and Collusion with Imperfect Monitoring
Bigoni, Maria; Potters, Jan; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2012
Flexibility - the ability to react swiftly to others' choices - facilitates collusion by reducing gains from defection before opponents react. Under imperfect monitoring, however, flexibility may also hinder collusion by inducing punishment after too few noisy signals. The combination of these...
Persistent link: https://www.econbiz.de/10011084106
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Weddings with Uncertain Prospects - Mergers under Asymmetric Information
Borek, Thomas; Bühler, Stefan; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2003
equilibria of merger games with simultaneous and sequential moves. The application of our framework to specific oligopoly models …
Persistent link: https://www.econbiz.de/10005788984
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Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk
Heider, Florian; Hoerova, Marie; Holthausen, Cornelia - C.E.P.R. Discussion Papers - 2010
banks to have private information about the risk of their assets. We show how banks' asset risk affects funding liquidity in … state with adverse selection and elevated rates; and iii) market breakdown with liquidity hoarding. We provide an … of unsecured rates and excess reserves banks hold, as well as the inability of massive liquidity injections by central …
Persistent link: https://www.econbiz.de/10008530367
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Revolutionary Effects of New Information Technologies
den Berg, Gerard J van - C.E.P.R. Discussion Papers - 2005
In markets with imperfect information and heterogeneity, the information technology affects the rate at which agents meet, which in turn affects the distribution of production technologies across firms. We show that in models for such markets there are typically multiple equilibria because...
Persistent link: https://www.econbiz.de/10005788903
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Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market
Goldberg, Pinelopi; Verboven, Frank - C.E.P.R. Discussion Papers - 2001
This Paper exploits the unique experiment of European market integration to investigate the relationship between integration and price convergence in international markets. Using a panel data set of car prices we examine how the process of integration has affected cross-country price dispersion...
Persistent link: https://www.econbiz.de/10005791246
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The Trade Impact of the Zollverein
Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2013
The Zollverein was arguably the most important free-trade agreement of the 19th century. This paper investigates the economic impact of the Zollverein on trade in Germany. Although 1834 is the official date of the Zollverein's establishment, member states in fact joined in a non-random sequence...
Persistent link: https://www.econbiz.de/10011083241
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Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections
Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang Dang - C.E.P.R. Discussion Papers - 2015
Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political...
Persistent link: https://www.econbiz.de/10011249372
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Changes in Equity Ownership and Changes in the Market Value of the Firm
Lins, Karl; McConnell, John J.; Servaes, Henri - C.E.P.R. Discussion Papers - 2004
We study the stock price response to announcements of share purchases by corporate insiders over the period 1994 through 1999. The cross-sectional variability in the response is consistent with a curvilinear relation between firm value and insider ownership, where the value of the firm first...
Persistent link: https://www.econbiz.de/10005123861
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Worker Matching and Firm Value
Moen, Espen R; Yashiv, Eran - C.E.P.R. Discussion Papers - 2013
This paper studies the hiring and firing decisions of firms and their effects on firm value. This is done in an environment where the productivity of workers depends on how well they match with their co-workers and the firm acts as a coordinating device. Match quality derives from a production...
Persistent link: https://www.econbiz.de/10011083331
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Participation in a Currency Union
Casella, Alessandra - C.E.P.R. Discussion Papers - 1990
When countries of different sizes participate in a cooperative agreement, the potential gain from deviation determines the minimum power that each country requires in the common decision-making. This paper studies the problem in the context of a common currency, which requires coordination of...
Persistent link: https://www.econbiz.de/10005662264