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Interlocking Boards and Firm Performance: Evidence from a New Panel Database

Non, Mariëlle C.; Franses, Philip Hans - Tinbergen Instituut - 2007

the effect of interlocks on firm performance for 101 large Dutch firms using a large and new panel database. We use five … different performance measures, and for each performance measure we design three different panel data models, where we allow the … we conclude that current interlocks can have a negative effect on future firm performance. We show that this negative …

Persistent link: https://www.econbiz.de/10011255468

Unemployment, Growth and the Organisation of Work

Groot, Henri L.F. de; Schaik, Anton B.T.M. van - Tinbergen Instituut - 2002

We develop a two-sector endogenous growth model with a dual labour market resulting from the presence of an effort extraction function in one sector. Effort of workers can be influenced by pay and monitoring. This results in an endogenous non-competitive wage differential between sectors and a...

Persistent link: https://www.econbiz.de/10011256488

Evaluating the Capacity of Standard Investment Appraisal Methods

Akalu, Mehari Mekonnen - Tinbergen Instituut - 2002

The survey findings indicate the existence of gap between theory and practice of capital budgeting. Standard appraisal methods have shown a wider project value discrepancy, which is beyond and above the contingency limit. In addition, the research has found the growing trend in the use of value...

Persistent link: https://www.econbiz.de/10011256495

A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

Akalu, Mehari Mekonnen; Turner, Rodney - Tinbergen Instituut - 2002

One of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher...

Persistent link: https://www.econbiz.de/10011257488

Defensive Disclosure under Antitrust Enforcement

Bhaskarabhatla, Ajay; Pennings, Enrico - Tinbergen Instituut - 2012

We formulate a simple model of optimal defensive disclosure by a monopolist facinguncertain antitrust enforcement and test its implications using unique data on defensivedisclosures and patents by IBM during 1955-1989. Our results indicate that strongerantitrust enforcement leads to more...

Persistent link: https://www.econbiz.de/10011257572

Market Structure in Services and Market Access in Goods

Francois, Joseph; Wooton, Ian - Tinbergen Instituut - 2004

We examine interaction between trade in goods and market power in domestic trade and distribution, developing a model that highlights this interaction. Theory points to an expected linkage between service sector competition and goods trade, one supported by econometrics involving import patterns...

Persistent link: https://www.econbiz.de/10011255600

The Pollution Effects of Mergers and Acquisitions: Asymmetry, Disaggregation, and Multilateralism

Swart, Julia; Marrewijk, Charles van - Tinbergen Instituut - 2011

This paper studies the impact of cross-border Mergers and Acquisitions (M&As) on Carbon Dioxide emissions. Carbon Dioxide is the main anthropogenic greenhouse gas. A global problem that requires a multilateral solution. To take this into account we introduce an institutional variable, which...

Persistent link: https://www.econbiz.de/10011255767

The Trade-Off between Foreign Direct Investments and Exports: The Role of Multiple Dimensions of Distance

Lankhuizen, Maureen; Groot, Henri L.F. de; Linders, … - Tinbergen Instituut - 2009

To serve foreign markets, firms can either export or set up a local subsidiary through horizontal Foreign Direct Investment (FDI). The conventional proximity-concentration theory suggests that FDI substitutes for trade if distance between countries is large, while exports become more important...

Persistent link: https://www.econbiz.de/10011256176

Horizontal Multinational Firms, Vertical Multinational Firms and Domestic Investment

Namini, Julian Emami; Pennings, Enrico - Tinbergen Instituut - 2009

We build a dynamic general equilibrium model with 2 countries, horizontal and vertical multinational activity and endogenous domestic and foreign investment. It is found that horizontal multinational activity always leads to a complementary relationship between domestic and foreign investment....

Persistent link: https://www.econbiz.de/10011256272

Cross-Border Mergers & Acquisitions: A Piece of The Natural Resource Curse Puzzle

Swart, Julia; Marrewijk, Charles van - Tinbergen Instituut - 2009

We combine the resource curse literature with the literature on cross-border mergers and acquisitions (M&As) to investigate two hypotheses, namely (i) natural resources wealth: countries with a comparative advantage in natural resources attract more M&As in natural resource intensive sectors and...

Persistent link: https://www.econbiz.de/10011256289