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This paper analyses the stochastic behaviour of Private Equity returns (a measure of profitability) applying fractional …
Persistent link: https://www.econbiz.de/10013285647
We examine the profitability of cross-ownership in an oligopolistic industry where firms compete as Cournot rivals. We … symmetric cross-ownership is never profitable for any levels of non-controlling minority shareholdings if the participation … over to the case of non-renewable resource industries. The profitability of a symmetric cross-ownership can be positive …
Persistent link: https://www.econbiz.de/10012263696
Turnovsky (1995) derives in a continuous-time model of a decentralized economy that the correct specification of the firm's objective function is to maximize the initial value of its outstanding securities. The firm value is the discounted flow of real earnings. For the discrete-time version of...
Persistent link: https://www.econbiz.de/10003966553
We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism...
Persistent link: https://www.econbiz.de/10010246096
simultaneously risen in most countries. Moreover, the gross profitability of firms seems to be lower in high-tax countries, even …
Persistent link: https://www.econbiz.de/10003922628
In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find …
Persistent link: https://www.econbiz.de/10003925257
We study the profitability incentives of merger and the endogenous industry structure in a strategic trade policy …
Persistent link: https://www.econbiz.de/10011507913
profitability of banks’ portfolios affect their ability to cover for any liquidity shortage and hence influence the premium they … require to carry maturity risk. During a boom, profitability is increasing and thus spreads are low, while during a recession … profitability is decreasing and spreads are high, in accordance with the cyclical properties of term spreads in the data. Second, we …
Persistent link: https://www.econbiz.de/10009682825
We consider a non-durable good monopoly that collects data on its customers in order to profile them and subsequently practice price discrimination on returning customers. The monopolist’s price discrimination scheme is leaky, in the sense that an endogenous fraction of consumers choose to...
Persistent link: https://www.econbiz.de/10012612976
Recent empirical research documents a tendency of affiliates of multinational enterprises to bunch around zero reported profit. Setting up a model that allows for profitable and loss-making affiliates of multinationals, we show that profit shifting to a low-tax country as well as a loss-related,...
Persistent link: https://www.econbiz.de/10011794726