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Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation

Kocenda, Evzen - C.E.P.R. Discussion Papers - 2002

This Paper works with a broad data sample of Czech voucher-privatized firms during 1996-99. It analyses the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest owner...

Persistent link: https://www.econbiz.de/10005788907

Europe's 'New' Stock Markets

Bottazzi, Laura; Da Rin, Marco - C.E.P.R. Discussion Papers - 2002

The creation of Europe’s ‘new’ stock markets represents a major experiment in market design with important implications for the ability to support innovative, fast-growing companies. We evaluate the success of these markets based on a large number of measures of firm performance and...

Persistent link: https://www.econbiz.de/10005123860

Foreign acquisition, plant survival, and employment growth

Bandick, Roger; Görg, Holger - C.E.P.R. Discussion Papers - 2009

non-MNEs, and purely domestic firms before foreign takeover. The results, controlling for possible endogeneity of the … horizontal or vertical. We also find robust positive employment growth effects only for exporters, and only if the takeover is …

Persistent link: https://www.econbiz.de/10005016249

Means of Payment in Takeovers: Results for the UK and US

Franks, Julian R; Harris, Robert; Mayer, Colin - C.E.P.R. Discussion Papers - 1987

2,500 acquisitions in the United Kingdom and United States are used to examine means of payment in acquisitions. There … has been a substantial increase in the proportion of acquisitions financed with cash in the United States over the period … equity acquisitions and the differences cannot be wholly attributed to the nature of the bid. Cash acquisitions display a …

Persistent link: https://www.econbiz.de/10005666479

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 Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006

Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....

Persistent link: https://www.econbiz.de/10005791605

Foreign Ownership, Returns to Scale and Productivity: Evidence from UK Manufacturing Establishments

Girma, Sourafel; Görg, Holger - C.E.P.R. Discussion Papers - 2002

This paper calculates returns to scale and productivity growth in UK manufacturing establishments in the electronics and food industries. Our results show that foreign establishments tend to have lower returns to scale than their domestic counterparts. We also examine the effect of the...

Persistent link: https://www.econbiz.de/10005791647

Evaluating the Foreign Ownership Wage Premium Using a Difference-in-Differences Matching Approach

Girma, Sourafel; Görg, Holger - C.E.P.R. Discussion Papers - 2006

This paper seeks to identify the causal effect of foreign acquisitions on wages of skilled and unskilled workers, using … impacts result from acquisitions by EU multinationals. Also we discern some positive wage effects for unskilled workers … resulting from acquisitions by multinationals from the rest of the world. …

Persistent link: https://www.econbiz.de/10005792199

The Timing of Takeovers in Growing and Declining Markets

Mason, Robin; Weeds, Helen - C.E.P.R. Discussion Papers - 2010

Empirical studies have found that takeover activity is positively related to the absolute size of industry-level shocks …. In this paper we develop a dynamic framework to analyze the timing of takeover which explains this pattern. Takeover may … by shocks to an industry variable. With competing acquirers of different types, takeover occurs only when shocks are …

Persistent link: https://www.econbiz.de/10008468572

Multinationals' Productivity Advantage: Scale or Technology

Girma, Sourafel; Görg, Holger - C.E.P.R. Discussion Papers - 2006

The first aim of this paper is to decompose the productivity advantage of foreign multinationals into two components: the technology and scale effect. The second aim is to analyse the causal relationship between foreign ownership and these two components of productivity growth. We do so by...

Persistent link: https://www.econbiz.de/10005123535