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Weddings with uncertain prospects: Mergers under asymmetric information
Borek, Thomas; Buehler, Stefan; Schmutzler, Armin - 2004
We provide a framework for analyzing bilateral mergers when there is two-sided asymmetric information about firms' types. We show that there is always a no-merger equilibrium where firms do not consent to a merger, irrespective of their type. There may also be a cut-off equilibrium if the...
Persistent link: https://www.econbiz.de/10010315502
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Mergers under asymmetric information - is there a lemons problem?
Borek, Thomas; Bühler, Stefan; Schmutzler, Armin - 2004
We analyze a Bayesian merger game under two-sided asymmetric information about firm types. We show that the standard prediction of the lemons market model-if any, only low-type firms are traded-is likely to be misleading: Merger returns, i.e. the difference between pre- and post-merger profits,...
Persistent link: https://www.econbiz.de/10010315535
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STRUCTURAL REFORM AND FIRM PROFITABILITYIN DEVELOPING COUNTRIES
CUERVO-CAZURRA, Alvaro; DAU, Luis Alfonso - William Davidson Institute <Ann Arbor, Mich.> - 2008
We extend agency theory to propose that structural reform positively impacts firm profitability indeveloping countries because the improvements in external monitoring that accompany structuralreform decrease the agency costs faced by firms. However, we also argue that not all firmsbenefit...
Persistent link: https://www.econbiz.de/10009360511
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Ownership Characteristics and Access to Finance:Evidence from a Survey of Large Privatised Companiesin Hungary and Poland.
Isachenkova, Natalia; Mickiewicz, Tomasz - Centre for the Study of Economic and Social Change in … - 2003
We examine financial constraints and forms of finance used for investment, byanalysing survey data on 157 large privatised companies in Hungary and Poland for theperiod 1998 – 2000. The Bayesian analysis using Gibbs sampling is carried out toobtain inferences about the sample companies’...
Persistent link: https://www.econbiz.de/10005868232
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Acquisitions versus entry: The evolution of concentration
Aydemir, Zava; Schmutzler, Armin - 2002
apply the framework to a Cournot model with cost synergies and a Bertrand model where acquisitions extend the product …
Persistent link: https://www.econbiz.de/10010315536
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Foreign acquisition, plant survival, and employment growth
Bandick, Roger; Görg, Holger - 2009
This paper analyses the effect of foreign acquisition on survival probability and employment growth of target plant using data on Swedish manufacturing plants during the period 1993-2002. An improvement over previous studies is that we take into account firm level heterogeneity by separating the...
Persistent link: https://www.econbiz.de/10012654345
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Offshoring and non-monotonic employment effects across industries in general equilibrium
Baumgarten, Daniel; Irlacher, Michael; Koch, Michael - 2020
We address the mismatch between existing theoretical models and standard empirical practice in the analysis of the labor market effects of offshoring. While theory focuses on one-sector or two-sector models, empirical studies exploit variation in offshoring across a large number of industries,...
Persistent link: https://www.econbiz.de/10012662701
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Privatization in Austria: Some theoretical reasons and performance measures
Schneider, Friedrich; Belke, Ansgar - 2004
The issues of privatization (and sometimes deregulation) have been reviewed in a large literature on the various … aspects of privatization, that has emphasized the potential efficiency gains. Hence, we provide some theoretical reasoning why … privatization is useful as well as profitable for an economy and empirically present the extent of privatization in Austria and …
Persistent link: https://www.econbiz.de/10010294495
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Ownership and Production Costs - Choosing Between Public Production and Contracting Out
Ohlsson, Henry - 1998
Many comparisons of the performance of public and private producers use a public/private ownership dummy variable to capture cost differences in cross section data. This is appropriate if the producer choice is random. The dummy variable model is, however, logically inconsistent if the producer...
Persistent link: https://www.econbiz.de/10010321722
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Outsourcing Public Services: Contractibility, Cost, and Quality
Andersson, Fredrik; Jordahl, Henrik; Josephson, Jens - 2019
We review the literature on public sector outsourcing to explore if the theoretical predictions from the incomplete contracts literature hold up to recent empirical evidence. Guided by theory, we arrange services according to the type and magnitude of their contractibility problems. The...
Persistent link: https://www.econbiz.de/10012654446