Firms exit through the mutually precluding events of bankruptcy and acquisition. We use a competing risks hazard regression model to identify the characteristics leading to each of these two outcomes using over thirty years of data on US and UK quoted firms. We find evidence about the way in...

This paper explores the properties of pooling of interests (merger) accounting and purchase (acquisition) accounting as currently practised. It also compares these methods with variants of them that involve a greater use of fair values, the extent of valuation on a fair value basis and the...

The main body of the paper analyses the reasons and the nature of Corporation's remarkable growth during the economic reform years since the late 1970s in China.

This paper addresses the effects of multimarket contact on firms’ ability to collude. Real world imperfections tend to makes firms’ objective function strictly concave and market supergames ‘interdependent’: firms’ payoffs in each market depend on how they are doing in others. Then,...

Network hierarchies in the Internet are often not fixed: two providers can be simultaneously input supplier and retailer in a routing process, while being horizontally competing in another. We introduce a stylised network model capturing these aspects of the Internet to study the impact of...