The economic consequences deriving from the activity of mergers and acquisitions to US bidders are not supportive of its increasing tendency diachronically. Clearly, positive returns are recorded before and during the third merger wave, while in the fourth quarter of the last century the...

This paper identifies a new reason for giving preferences to the disadvantaged using a model of contests. There are two forces at work: the effort effect working against giving preferences and the selection effect working for them. When education is costly and easy to obtain (as in the U.S.),...

This paper identifies a new reason for giving preferences to the disadvantaged using a model of contests. There are two forces at work: the effort effect working against giving preferences and the selection effect working for them. When education is costly and easy to obtain (as in the U.S.),...