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Does corporate focus translate into superior stock performance? We use 17 years of international data on 275 property … and over time. By linking these focus profiles to risk-adjusted performance measures, we show that companies with high …
Persistent link: https://www.econbiz.de/10005680602
(VF)La transformation du périmètre d’activité des groupes, caractérisée depuis vingt ans par un mouvement en faveur du recentrage stratégique, a-t-elle contribué à modifier leur politique de financement? Cet article vise à analyser et à tester l’influence de la diversité...
Persistent link: https://www.econbiz.de/10005111183
We examine how firms redraw their boundaries after acquisitions using plant-level data. We find that there is extensive restructuring in a short period following mergers and full-firm acquisitions. Acquirers of full firms sell 27% and close 19% of the plants of target firms within three years of...
Persistent link: https://www.econbiz.de/10010571650
implementation of their preferred divestment choices. We also document the value effects of divestments and show that familiarity …
Persistent link: https://www.econbiz.de/10011117513
divestments of low-cost assets. We also establish that virtual divestments (often employed in the power industry) are at best … equivalent to low-cost divestments in terms of their impact on consumer welfare, and cannot replicate the optimal divestment. …
Persistent link: https://www.econbiz.de/10011051635
We study the impact of electricity divestments in a stylised model where a dominant producer faces a competitive fringe …
Persistent link: https://www.econbiz.de/10008478787
synergy). We show that the existence of positive synergies implies declining expected prices. When synergies are negative … simultaneously as a bundle or sequentially when synergies are positive. Second, when synergies are negative, the expected revenue … addition, in the presence of positive synergies, an option to buy the additional object at the price of the first object is …
Persistent link: https://www.econbiz.de/10009448603
Zusammenfassung Eine von vielen Kontroversen in der Debatte um eine nachhaltige, ländliche Regionalentwicklung durch Tourismus entzündet sich an der Frage, inwiefern eine gezielte Entwicklung des Tourismussektors, im Rahmen der derzeit in vielen Emerging Economies verfolgten...
Persistent link: https://www.econbiz.de/10014624482
This paper reports an experiment conducted to examine market performance and mergers in an asymmetric differentiated … respond to horizontal mergers with price increases as predicted and marginal cost synergies exert the predicted the power …
Persistent link: https://www.econbiz.de/10005471688
-integration leads to higher investment incentives, potential synergies are foregone. Hence, integration can be optimal even though only …
Persistent link: https://www.econbiz.de/10004968136