Problems of competitive pricing and strategic management in the construction industry are discussed. A statistical analysis of tender spread patterns over the period 1970-91 shows that changing market conditions influence levels of risk exposure and in turn affect the establishment of a...

We study independent private value auctions where bidders have preferences over relative payoffs.

This paper empirically investigates the causes and immediate consequences of hostile takeovers in the U.S. over the 1990-1995 period. We find no indications of poor target performance over the five years prior to the takeover announcement. However, there is strong evidence that hostile takeovers...

This study investigates the behaviour of the components of the bid-ask spread around earnings announcements. We find that adverse selection cost component significantly increases surrounding the announcements while the inventory holding and order processing components significantly decline...

There were enormous differences in the revenues from the European "third generation" (3G, or "UMTS") mobile-phone license auctions, from 20 Euros per capita in Switzerland to 650 Euros per capita in the U.K., though the values of the licences sold were similar. Poor auction designs in some...

The most important issues in auction design are the traditional concerns of competition policy-preventing collusive, predatory, and entry deterring behaviour. Ascending and uniform-price auctions are particularly vulnerable to these problems (we discuss radiospectrum and football TV-rights...