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Mark-Up Pricing in Mergers and Acquisitions
Schwert, G. William - 1994
This paper studies the premiums paid in successful tender offers and mergers involving NYSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventional to measure corporate control premiums including the price runups that occur before...
Persistent link: https://www.econbiz.de/10012474048
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Evidence for the Effects of Mergers on Market Power and Efficiency
Blonigen, Bruce A. - 2016
are robust to a range of approaches to address the endogeneity of firms' merger decisions …
Persistent link: https://www.econbiz.de/10012455930
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Firm-Specific Capital, Nominal Rigidities and the Business Cycle
Altig, David - 2005
Macroeconomic and microeconomic data paint conflicting pictures of price behavior. Macroeconomic data suggest that inflation is inertial. Microeconomic data indicate that firms change prices frequently. We formulate and estimate a model which resolves this apparent micro - macro conflict. Our...
Persistent link: https://www.econbiz.de/10012467653
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Cyclical Markups : Theories and Evidence
Rotemberg, Julio J. - 1990
theory, markups are chosen to ensure that no one deviates from an (implicitly) collusive understanding. Increases in rates of …
Persistent link: https://www.econbiz.de/10012475463
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On What States Do Prices Depend? Answers From Ecuador
Benedict, Craig - 2016
In this paper, we argue that differences in the cost structure across sectors play an important role in the decision of firms to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers. An important facet of our...
Persistent link: https://www.econbiz.de/10012456172
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International Shocks and Domestic Prices : How Large Are Strategic Complementarities?
Amiti, Mary - 2016
How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firm price responses to changes in prices of their competitors. We develop a general framework and an empirical identification strategy to estimate the elasticities...
Persistent link: https://www.econbiz.de/10012456555
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Small and Large Price Changes and the Propagation of Monetary Shocks
Alvarez, Fernando - 2014
We document the presence of both small and large price changes in individual price records from the CPI in France and the US. After correcting for measurement error and cross-section heterogeneity, the size-distribution of price changes has a positive excess kurtosis. We propose an analytical...
Persistent link: https://www.econbiz.de/10012458509
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Volatility and Pass-through
Berger, David - 2013
What drives countercyclical volatility? A large literature has documented that many economic variables are more disperse in recessions, but this could either occur because shocks get bigger or because firms respond more to shocks which are the same size. Existing evidence that the dispersion of...
Persistent link: https://www.econbiz.de/10012459012
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Product Switching and the Business Cycle
Bernard, Andrew B. - 2016
This paper explores role of product adding and dropping within manufacturing firms over the business cycle. While a substantial body of work has explored the importance of the extensive margins of firm entry and exit in employment and output flows, only recently has research begun to examine the...
Persistent link: https://www.econbiz.de/10012456031
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An Experimental Approach to Merger Evaluation
Conlon, Christopher T. - 2013
The 2010 Department of Justice and Federal Trade Commission Horizontal Merger Guidelines lay out a new standard for … pressure. Using both nonparametric analyses and structural demand estimation, we find significant diversion to remaining … cases in which the GUPPI would imply increased regulatory scrutiny of a proposed merger …
Persistent link: https://www.econbiz.de/10012458959