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The paper is a study of the price level and relative price effects of a policy to monetize gold and fix its price at a given future time and at the then prevailing nominal price. Price movements are analyzed both during the transition to the gold standard and during the post-monetization period....
Persistent link: https://www.econbiz.de/10013310026
Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet,...
Persistent link: https://www.econbiz.de/10013158052
This paper investigates whether the diversity of activities conducted by financial institutionsinfluences their market valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple activities, e.g., lending and non-lendingfinancial...
Persistent link: https://www.econbiz.de/10012784437
Handbook as a forceful argument in favor of a merger between the two disciplines rather than the acquisition of one by the … other; a merger which combines, notably, the detailed knowledge of historical sources, the capability of distilling complex …
Persistent link: https://www.econbiz.de/10014257164
Slavery has been a major institution of labor coercion throughout history. Colonial societies used slavery intensively across the Americas, and slavery remained prevalent in most countries after independence from the European powers. We investigate the impact of slavery on long-run development...
Persistent link: https://www.econbiz.de/10013104727
The California Gold Rush was an unexpected shock of tremendous size that prompted the costly re-allocation of labor to a frontier region. Using newly-collected archival data, this paper presents estimates of nominal and real wages in Gold Rush California. Consistent with a simple dynamic model...
Persistent link: https://www.econbiz.de/10013233787
this, the UK government has pursued an active policy of hospital merger. These mergers are initiated by a regulator, acting … on behalf of the public, and justified on the grounds that merger will improve outcomes. We examine whether this promise … involved in a merger, but that politics means that selection for a merger may be random with respect to future performance. We …
Persistent link: https://www.econbiz.de/10013118244
appliance markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …
Persistent link: https://www.econbiz.de/10013119784
We estimate a bargaining model of competition between hospitals and managed care organizations (MCOs) and use the estimates to evaluate the effects of hospital mergers. We find that MCO bargaining restrains hospital prices significantly. The model demonstrates the potential impact of coinsurance...
Persistent link: https://www.econbiz.de/10013085491
industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …
Persistent link: https://www.econbiz.de/10013065561