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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

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

The Effect of Mergers and Acquisitions on Bank Performance in Egypt

Badreldin, Ahmed Mohamed; Kalhöfer, Christian - 2021

Recent economic reforms in Egypt have significantly improved its macroeconomic indicators and financial sector. Banks have witnessed significant merger and acquisition activity as a result of these reforms in attempts to privatize and strengthen the banking sector. This study measures the...

Persistent link: https://www.econbiz.de/10013245488

Recent claims of China's economic exceptionalism: Reflections inspired by WTO accession

Woo, Wing Thye - 2001

The desirability of WTO membership for China depends on whether its economic successes have been the result of its discovery of new institutional forms (e.g. dual track pricing, SOE contracts, and fiscal contracts) that are optimal for China''s particular economic circumstances, or have been the...

Persistent link: https://www.econbiz.de/10010318608

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

Bank Ownership and Performance

Micco, Alejandro; Panizza, Ugo; Yañez, Mónica - 2004

This paper builds a new dataset on bank ownership and bank performance covering approximately 50,000 observations for 119 countries over the 1995-2002 period. The paper then uses the dataset to reassess the relationship between bank ownership and bank performance, providing separated estimations...

Persistent link: https://www.econbiz.de/10010327143

Should the Government Be in the Banking Business? The Role of State-Owned and Development Banks

Yeyati, Eduardo Levy; Micco, Alejandro; Panizza, Ugo - 2004

This paper surveys the theoretical and empirical literature on the role of state-owned banks and also presents some new results and a robustness analysis. The paper shows that state-owned banks located in developing countries have fiscal costs because they are characterized by lower returns than...

Persistent link: https://www.econbiz.de/10010327147

Feldstein's rhetoric of private retirement accounts

Avsar, Rojhat B. - 2008

. Martin Feldstein's pro-privatization rhetoric relative to Social Security is first analyzed. A subsequent comparison his … rhetoric to that of George W. Bush concludes that both the political and the economic rhetoric of Social Security privatization …

Persistent link: https://www.econbiz.de/10010288065

Endogenizing private information: Incentive contracts under learning by doing

Gärtner, Dennis - 2004

This paper investigates the design of incentives in a dynamic adverse selection framework when agents' production technologies display learning effects and agents' rate of learning is private knowledge. In a simple two-period model with full commitment available to the principal, we show that...

Persistent link: https://www.econbiz.de/10010315554

Monopolistic screening under learning by doing

Gärtner, Dennis - 2007

Persistent link: https://www.econbiz.de/10010315563