This paper analyzes the impact of changes in the winning chances of candidates running for the 2007 French presidential election on abnormal stock returns of firms that could benefit from a candidate's victory. We use prices formed by transactions on a political prediction market to reveal the...

In this paper we propose a new method to explain the creation and measure the value of internally generated goodwill (IGG). Our method is based on the idea that firm value is affected by interactions between assets used in combination to conduct business. This novel approach contrasts with the...

Se miden las ganancias potenciales de eficiencia de cinco fusiones de bancos, producidas entre 2005 y 2011, analizándolas con la metodología de análisis envolvente de datos. Dadas las divergencias entre modelos de rendimientos constantes y variables, se testean rendimientos para discernir...

After a merger, company officials face the challenge of making compensation schemes uniform and of redesigning teams with managers from companies with different incentives, work habits and recruiting methods. In this paper, we investigate the relationship between executive pay and performance...

In this paper, we study the optimal number of active firms in acoalition and in a merger. We consider two kinds of game : a merger gameand a coalition game, both in the context of price competition with horizontalproduct differentiation. These are two-stage games. The first stage consistsof...

This article analyzes the incentive to merge in a context of price competition with horizontal product differentiation. In contrast to the results obtained by Kamien and Zang (1990), we show that merged equilibria can appear in this game. Moreover monopolization of the industry occurs with a...