The starting point of this paper is a mixed oligopoly market consisting of n privately owned profit maximizing firms and 1 state-owned welfare maximizing firm. Motivated by the trend of mergers and acquisitions in the liberalized electricity markets, and by the debate about public or private...

We consider games where agents are embedded in a network of bilateral relationships and have multivariate strategy sets. Some components of their strategies correspond to individual activities, while the other strategic components are related to joint activities and interaction with the...

This paper investigates the relationship between various market imperfections and the skill premium. The model in this paper assumes perfectly competitive labor markets but distorted product and financial markets. The model predicts that the skill premium is positively correlated with market...

We analyse how a patent-holding (incumbent) firm may strategically use advertising ex ante to a¤ect the R&D investments in new (di¤eren- tiated) products, and thus the ex post market structure in the industry. We derive exact conditions for advertising and R&D being substitute strategies for...

This paper empirically analyzes the political and economic objectives underlying privatization on the stock market. Particularly, I explain the factors of SIPs underpricing, and analyze if the change of political parties in government play a role on the issue. The paper has two main findings....

Italys first Fascist government applied a large-scale privatization policy between 1922 and 1925. The government privatized the state monopoly of match sale, eliminated the State monopoly on life insurances, sold most of the State-owned telephone networks and services to private firms,...

The Great Depression spurred State ownership in Western capitalist countries. Germany was no exception; the last governments of the Weimar Republic took over firms in diverse sectors. Later, the Nazi regime transferred public ownership and public services to the private sector. In doing so, they...

This research is developed within the general framework of the study on privatization costs. Analysing the costs involved in Public Offerings (PO) of the Spanish state-owned companies allows us to set up the privatizacion financial costs in Spain. Particularly, we are able to chek out the...

Microfinance institutions are key financial intermediaries between donors and borrowers in developing countries. Loan officers are crucial for establishing and maintaining the relationship between borrowers and microfinance institutions. This paper studies the impact of loan officers on the loan...

The mission of microfinance is generally perceived as compensation for the failure of the mainstream financial institutions to deliver access to finance to the poor. Microloan officers have significant influence on microloans allocation as they contact loan applicants and process information...