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Upstream Horizontal Mergers and Efficiency Gains
Milliou, Chrysovalantou - 2009
We study upstream horizontal mergers and their potential efficiency gains. We show that an upstream horizontal merger … can give rise to two efficiency-enhancing effects when firms trade through two-part tariffs. It increases R&D investments … efficiency gains can overcome its anti-competitive effects in terms of welfare, we show that when firms merge usually both of the …
Persistent link: https://www.econbiz.de/10013157197
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Taxation, Industry Integration and Production Efficiency
Moriconi, Simone - 2016
economies. Theories of optimal taxation conclude that these taxes are detrimental to production efficiency, when firms operate … production units. The present paper investigates the effects of taxation on production efficiency, accounting for the … effect of this "tax induced organizational change" on production efficiency ultimately depends on the characteristics of the …
Persistent link: https://www.econbiz.de/10012984733
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Towards a Theory of Trade Finance
Schmidt-Eisenlohr, Tim - 2013
Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts considering one shot transactions, repeated transactions and...
Persistent link: https://www.econbiz.de/10013093523
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The International Transmission of Monetary Policy
Buch, Claudia M. - 2018
This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking...
Persistent link: https://www.econbiz.de/10012911041
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Tax vs. Regulation Policy and the Location of Financial Sector FDI
Merz, Julia - 2015
This paper analyzes how corporate taxation and regulatory requirements affect the location of financial sector FDI. We use novel information on new financial services entities established by multinational firms in 83 host countries. We find a negative effect of host country taxes on the...
Persistent link: https://www.econbiz.de/10013014359
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Payment Choice in International Trade : Theory and Evidence from Cross-Country Firm Level Data
Hoefele, Andreas - 2013
When trading, firms choose between different payment contracts. As shown theoretically in Schmidt-Eisenlohr (forthcoming), this allows firms in international trade to optimally trade-off differences in financing costs and enforcement across countries. This paper provides evidence from a large...
Persistent link: https://www.econbiz.de/10013077465
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Payment Choice in International Trade: Theory and Evidence from Cross-country Firm Level Data
Hoefele, Andreas; Schmidt-Eisenlohr, Tim; Yu, Zhihong - CESifo - 2013
When trading, firms choose between different payment contracts. As shown theoretically in Schmidt-Eisenlohr (forthcoming), this allows firms in international trade to optimally trade-off differences in financing costs and enforcement across countries. This paper provides evidence from a large...
Persistent link: https://www.econbiz.de/10010877930
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Margins of International Banking : Is There a Productivity Pecking Order in Banking, Too?
Buch, Claudia M. - 2013
Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel dataset that contains all German banks'...
Persistent link: https://www.econbiz.de/10013095225
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Peer Effects in Program Participation
Dahl, Gordon B.; Loken, Katrine Vellesen; Mogstad, Magne - CESifo - 2013
When trading, firms choose between different payment contracts. As shown theoretically in Schmidt-Eisenlohr (forthcoming), this allows firms in international trade to optimally trade-off differences in financing costs and enforcement across countries. This paper provides evidence from a large...
Persistent link: https://www.econbiz.de/10010682628
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Towards a Theory of Trade Finance
Schmidt-Eisenlohr, Tim - CESifo - 2011
Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts considering one shot transactions, repeated transactions and...
Persistent link: https://www.econbiz.de/10008914275