Habib, Michel A.; Mella-Barral, Pierre - Institut für Schweizerisches Bankwesen <Zürich> - 2006
We characterize the conditions under which firms choose to (i) merge, (ii) form an alliance, or (iii) trade assets. For that prupose, we distinguish between the firms' assets (what can be traded in isolation), thei knowhow (what can be learned but not traded), and their core competencies (what...