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The Impact of Horizontal Mergers on Rivals: Gains to Being Left Outside a Merger

Clougherty, Joseph A.; Duso, Tomaso - C.E.P.R. Discussion Papers - 2008

It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert-identification of relevant rivals and the event-study...

Persistent link: https://www.econbiz.de/10005123810

The Great Reversals: The Politics of Financial Development in the 20th Century

Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 2001

We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with...

Persistent link: https://www.econbiz.de/10005504599

A Multi-Task Principal-Agent Approach to Organizational Form

Besanko, David; Régibeau, Pierre; Rockett, Katharine - C.E.P.R. Discussion Papers - 2000

This paper studies the choice of organizational forms in a multi-task principal-agent model. We compare a functional organization in which the firm is organized into functional departments such as marketing and R&D to a product-based organization in which the firm is organized into product...

Persistent link: https://www.econbiz.de/10005789163

Disruptive Technologies and the Emergence of Competition

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

We formalize the phenomenon of disruptive technologies (Christensen, 1997) that initially serve isolated market niches and, as they mature, expand to displace established technologies from mainstream segments. Using a model of horizontal and vertical differentiation with discrete customer...

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

The Stability Threshold and Two Facts of Polarization

Haimanko, Ori; Le Breton, Michel; Weber, Shlomo - C.E.P.R. Discussion Papers - 2005

In this paper we introduce the notion of stability threshold that quantifies the minimal returns to size sufficient to prevent credible secession threats by regions of the country. Severity of internal tension has been linked to degree of polarization of citizens' preferences and...

Persistent link: https://www.econbiz.de/10005123952

Industrial Clusters: Equilibrium, Welfare and Policy

Norman, Victor D; Venables, Anthony J - C.E.P.R. Discussion Papers - 2001

This Paper studies the size and number of industrial clusters that will arise in a multi-country world in which … welfare maximum, showing that the equilibrium will generally have clusters that are too small, while there are possibly too … too small clusters. …

Persistent link: https://www.econbiz.de/10005067646

Spatial Concentration and Firm-Level Productivity in France

Martin, Philippe; Mayer, Thierry; Mayneris, Florian - C.E.P.R. Discussion Papers - 2008

nor from competition effects. The benefits generated by increased sectoral clustering, though positive and highly … significant are modest and geographically very limited. The gains from clusters are also quite well internalized by firms in their …

Persistent link: https://www.econbiz.de/10005498038

Are clusters more resilient in crises? Evidence from French exporters in 2008-2009

Martin, Philippe; Mayer, Thierry; Mayneris, Florian - C.E.P.R. Discussion Papers - 2013

Clusters have already been extensively shown to favor firm-level economic performance (productivity, exports …, innovation etc.). However, little is known about the capacity of firms in clusters to resist economic shocks. In this paper, we … analyze whether firms that agglomerate in clusters and firms that have been selected to benefit from the "competitiveness …

Persistent link: https://www.econbiz.de/10011084140

Testing for Localization Using Micro-Geographic Data

Duranton, Gilles; Overman, Henry G - C.E.P.R. Discussion Papers - 2002

To study the detailed location patterns of industries, and particularly the tendency for industries to cluster relative to overall manufacturing, we develop distance-based tests of localization. In contrast to previous studies, our approach allows us to assess the statistical significance of...

Persistent link: https://www.econbiz.de/10005666724

Economies of Scale in European Manufacturing Revisited

Henriksen, Espen; Steen, Frode; Ulltveit-Moe, Karen-Helene - C.E.P.R. Discussion Papers - 2001

We test for internal and external economies of scale in European manufacturing, employing a more disaggregated data set than has been used in earlier analyses. We aim to separate externalities from common business cycle effects. Fifteen European manufacturing industries in Germany, France, the...

Persistent link: https://www.econbiz.de/10005667100