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Driven by the Discount Factor: Impact of Mergers on Market Performance in the Semiconductor Industry
Harris, Jeremiah; Siebert, Ralph - CESifo - 2015
This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model...
Persistent link: https://www.econbiz.de/10011163068
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The Impact of Entry Regulation on Total Welfare: A Policy Experiment
Liu, An-Hsiang; Siebert, Ralph; Zulehner, Christine - CESifo - 2013
This paper evaluates how different lengths of entry regulation impact market structure and market performance using a dynamic structural model. We formulate an oligopoly model in the tradition of Ericson and Pakes (1995) and allow entry costs to vary over time. Firms have the opportunity to...
Persistent link: https://www.econbiz.de/10010670793
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The Impact of Horizontal Mergers on Market Structure : Evidence from the Semiconductor Industry
Siebert, Ralph - 2016
The U.S. and EU Merger Guidelines strongly emphasize the relevance of the “ease of entry” argument in merger evaluations. Up to now, very little is known empirically about how mergers affect entry and exit, and the resulting number of firms in the markets. We empirically test this aspect of...
Persistent link: https://www.econbiz.de/10012988887
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Driven by the Discount Factor : Impact of Mergers on Market Performance in the Semiconductor Industry
Harris, Jeremiah - 2015
This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model...
Persistent link: https://www.econbiz.de/10013028530
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The Economics of Insurance, its Borders with Finance and Implications for Systemic Regulation
Thimann, Christian - CESifo - 2015
international finance is ‘what is insurance and where does insurance end?’ This paper aims to elaborate on the economics of … insurance and its borders with general finance. It argues that the classification challenge by regulators partly stems from … terminological confusion between insurance activities and more general financial activities. Insurance and finance both use the same …
Persistent link: https://www.econbiz.de/10011165510
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Market Structure and the Cost of Capital
Arouri, Mohamed El Hedi; Rault, Christophe; Sova, Robert; … - CESifo - 2013
We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model …
Persistent link: https://www.econbiz.de/10010877642
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An Alternative Conditional Asymmetry Specification for Stock Returns
Brännäs, Kurt; Nordman, Niklas - CESifo - 2001
The paper advances the log-generalized gamma distribution as a suitable generator of conditional skewness. Based on the NYSE composite daily returns an asMA-asQGARCH model along with skewness dynamics is estimated. The results indicate a skewness that varies between sizeable negative skewness...
Persistent link: https://www.econbiz.de/10005765680
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3-Step Analysis of Public Finances Sustainability : The Case of the European Union
Afonso, António - 2008
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditures and revenues ratios. Secondly, we apply the bootstrap panel...
Persistent link: https://www.econbiz.de/10012770443
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Public Choice and Public Finance : A Survey
Blankart, Charles B. - 2016
The paper highlights the origins of Public Choice as a descendant of Public Finance …
Persistent link: https://www.econbiz.de/10012994282
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Proprietary Public Finance : On its Emergence and Evolution Out of Anarchy
Skaperdas, Stergios - 2011
finance, however, is comparatively scarce. I argue that proprietary rule emerges out of anarchy and its main alternative …
Persistent link: https://www.econbiz.de/10013123216