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Who Integrates?
Bühler, Stefan; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2003
We examine vertical backward integration in oligopoly. Analysing a standard linear Cournot model, we find that for wide parameter ranges (i) some firms integrate, while others remain separated, and (ii) efficient firms are more likely to integrate vertically. Adopting a reduced-form approach, we...
Persistent link: https://www.econbiz.de/10005504590
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Competition for traders and risk
Bijlsma, Michiel; Boone, Jan; Zwart, Gijsbert - C.E.P.R. Discussion Papers - 2012
The financial crisis has been attributed partly to perverse incentives for traders at banks and has led policy makers to propose regulation of banks' remuneration packages. We explain why poor incentives for traders cannot be fully resolved by only regulating the bank's top executives, and why...
Persistent link: https://www.econbiz.de/10011084687
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Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence
Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2005
We analyse bidding incentives and present evidence on takeover premiums in Sweden’s mandatory bankruptcy auctions. The typical auction attracts multiple bidders and results in the firm being sold as a going concern. We model the incentive of the bankrupt firm’s main creditor (a bank) to...
Persistent link: https://www.econbiz.de/10005792429
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Credit Risk Transfer and Financial Sector Performance
Marsh, Ian W; Wagner, Wolf - C.E.P.R. Discussion Papers - 2004
In this Paper we study the impact of credit risk transfer (CRT) on the stability and the efficiency of a financial …
Persistent link: https://www.econbiz.de/10005662362
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Should a principal hire one agent or two agents to perform two sequential tasks?
Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2010
A principal should hire one agent to perform two sequential tasks when the tasks are conflicting (i.e., a first-stage success makes second-stage effort less effective), while she should hire two different agents when the tasks are synergistic.
Persistent link: https://www.econbiz.de/10008611012
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Contracting With Synergies
Edmans, Alex; Goldstein, Itay; Zhu, John - C.E.P.R. Discussion Papers - 2013
This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which … effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he … exerts, the synergies his colleagues exert on him and, surprisingly, the synergies his colleagues exert on each other. It may …
Persistent link: https://www.econbiz.de/10011083428
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Contracting With Synergies
Edmans, Alex; Goldstein, Itay; Zhu, John - C.E.P.R. Discussion Papers - 2013
This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which … effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he … exerts, the synergies his colleagues exert on him and, surprisingly, the synergies his colleagues exert on each other. It may …
Persistent link: https://www.econbiz.de/10011083625
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Bargaining failures and merger policy
Burguet, Roberto; Caminal, Ramon - C.E.P.R. Discussion Papers - 2012
synergies generated by a merger may vary substantially depending on the identity of the participating firms. The model …
Persistent link: https://www.econbiz.de/10011084187
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Financing Through Asset Sales
Edmans, Alex; Mann, William - C.E.P.R. Discussion Papers - 2013
Most research on firm financing studies the choice between debt and equity. We model an alternative source -- non-core asset sales -- and identify three new factors that drive a firm's choice between selling assets and equity. First, equity investors own a claim to the cash raised. Since cash is...
Persistent link: https://www.econbiz.de/10011084569
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Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls
Kalemli-Ozcan, Sebnem; Nikolsko-Rzhevskyy, Alex - C.E.P.R. Discussion Papers - 2011
Estimating the effect of trade on capital flows is difficult given the inherent identification problem. We use fluctuations in rainfall to capture the exogenous variation in trade between Germany, France, the U.K., and the Ottoman Empire during 1859-1913. The provisionistic policy of the Ottoman...
Persistent link: https://www.econbiz.de/10009283394