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Berg, Ward A. van den; Smit, Han T.J. - Tinbergen Instituut - 2007

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …

Persistent link: https://www.econbiz.de/10011257223

Acquisitions as a Real Options Bidding Game

Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Instituut - 2004

expected target value, and uncertainty, determine value appropriation in acquisitions. …

Persistent link: https://www.econbiz.de/10011256936

Price Competition on Graphs

Heijnen, Pim; Soetevent, Adriaan - Tinbergen Instituut - 2014

This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. We derive an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. These graph models of price competition may lead to spatial...

Persistent link: https://www.econbiz.de/10011256375

Price Competition on Graphs

Soetevent, Adriaan R. - Tinbergen Instituut - 2010

This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for anygiven graph, conditional on prices and firm locations. These graph models of price competitionmay lead to spatial...

Persistent link: https://www.econbiz.de/10011256594

The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 2004

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10011255534

Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Instituut - 2011

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder …

Persistent link: https://www.econbiz.de/10011257222

Decision Making in Incomplete Markets with Ambiguity -- A Case Study of a Gas Field Acquisition

Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 2014

We apply utility indifference pricing to solve a contingent claim problem, valuing a connected pair of gas fields where the underlying process is not standard Geometric Brownian motion and the assumption of complete markets is not fulfilled. First, empirical data are often characterized by...

Persistent link: https://www.econbiz.de/10011256690

Market Power in Bilateral Oligopoly Markets with Nonexpandable Infrastructures

Funaki, Yukihiko; Houba, Harold; Motchenkova, Evgenia - Tinbergen Instituut - 2012

We consider price-fee competition in bilateral oligopolies with perfectly-divisible goods, non-expandable infrastructures, concentrated agents on both sides, and constant marginal costs. We define and characterize stable market outcomes. Buyers exclusively trade with the supplier with whom they...

Persistent link: https://www.econbiz.de/10011255451

From Tradition to Modernity: Economic Growth in a Small World

Lindner, Ines; Strulik, Holger - Tinbergen Instituut - 2012

Accepted for publication in the Journal of Development Economics. This paper introduces the Small World model (Watts and Strogatz, Nature, 1998) into the theory of economic growth and investigates how increasing economic integration affects firm size and efficiency, norm enforcement, and...

Persistent link: https://www.econbiz.de/10011255851

Testing for Marginal Spillovers from Foreign Direct Investment

Altomonte, Carlo; Pennings, Enrico - Tinbergen Instituut - 2005

We develop a simple test to assess whether horizontal spillover effects from multinational to domestic firms are endogenous to the market structure generated by the entry of the same multinationals. In particular, we analyze the performance of a panel of 10,650 domestic and multinational firms...

Persistent link: https://www.econbiz.de/10011256786