Similar Search Results

The Timing of Takeovers in Growing and Declining Markets

Mason, Robin; Weeds, Helen - C.E.P.R. Discussion Papers - 2010

Empirical studies have found that takeover activity is positively related to the absolute size of industry-level shocks. In this paper we develop a dynamic framework to analyze the timing of takeover which explains this pattern. Takeover may create value either by exploiting synergies or through...

Persistent link: https://www.econbiz.de/10008468572

The Impact of Horizontal Mergers on Rivals: Gains to Being Left Outside a Merger

Clougherty, Joseph A.; Duso, Tomaso - C.E.P.R. Discussion Papers - 2008

that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert …

Persistent link: https://www.econbiz.de/10005123810

Why Mergers Reduce Profits, and Raise Share-Prices

Fridolfsson, Sven-Olof; Stennek, Johan - C.E.P.R. Discussion Papers - 2000

We explain the empirical puzzle why mergers reduce profits, and raise share prices. If being an 'insider' is better …, since the risk of becoming an outsider is eliminated. We also show that mergers increasing consumers' prices, while …-competitive mergers. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the …

Persistent link: https://www.econbiz.de/10005504698

The Political Economy of Corporate Governance

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2001

predicts the frequency of mergers and acquisitions to be negatively correlated with employment protection. These predictions …

Persistent link: https://www.econbiz.de/10005666907

Gender Gaps across Countries and Skills: Supply, Demand and the Industry Structure

Olivetti, Claudia; Petrongolo, Barbara - C.E.P.R. Discussion Papers - 2011

The gender wage gap varies widely across countries and across skill groups within countries. Interestingly, there is a positive cross-country correlation between the unskilled-to-skilled gender wage gap and the corresponding gap in hours worked. Based on a canonical supply and demand framework,...

Persistent link: https://www.econbiz.de/10009283390

Impeded Industrial Restructuring: The Growth Penalty

Audretsch, David B; Thurik, A R Roy - C.E.P.R. Discussion Papers - 2000

This paper documents that a process of industrial restructuring has been transforming the developed economies, where large corporations are accounting for less economic activity and small firms are accounting for a greater share of economic activity. Not all countries, however, are experiencing...

Persistent link: https://www.econbiz.de/10005791840

Specialization, Firms and Markets: The division of Labour Between and Within Law Firms

Garicano, Luis; Hubbard, Thomas - C.E.P.R. Discussion Papers - 2003

What is the role of firms and markets in mediating the division of labour? This Paper uses confidential microdata from the Census of Services to examine law firms' boundaries. We first examine how the specialization of lawyers and firms increases as lawyers' returns to specialization increase....

Persistent link: https://www.econbiz.de/10005123527

Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985

Bertrand, Marianne; Schoar, Antoinette S; Thesmar, David - C.E.P.R. Discussion Papers - 2004

This Paper empirically investigates the impact of distortions in the banking sector on the structure and dynamics of product markets as well as on firm level outcomes. Our analysis suggests that an increase in the efficiency of the banking industry can have first-order effects not only on the...

Persistent link: https://www.econbiz.de/10005136564

Managerial Leverage is Limited By the Extent of the Market: Hierarchies, Specialization and the Utilization of Lawyers' Human Capital

Garicano, Luis; Hubbard, Thomas - C.E.P.R. Discussion Papers - 2005

This paper examines hierarchies’ role in the organization of human-capital-intensive production. We develop an equilibrium model of hierarchical organization, then provide empirical evidence using confidential data on thousands of law offices from the 1992 Census of Services. We show how the...

Persistent link: https://www.econbiz.de/10005497763

Creative Destruction and Productive Preemption

Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - C.E.P.R. Discussion Papers - 2011

acquisitions by incumbents are shown to stimulate the process of creative destruction by increasing the entrepreneurial effort …

Persistent link: https://www.econbiz.de/10008865973