Similar Search Results

Disclosure Services and Endogenous Segmentation in Takeover Markets

Kawakami, Kei - 2020

We present a competitive model of takeovers among heterogeneous firms. Each firm owns a tradeable "project" and non-tradeable "skill". The complementarity between them generates takeovers. We construct an equilibrium with two segmented markets. In one market, firms pay a fee to an intermediary...

Persistent link: https://www.econbiz.de/10012834808

Sorting, Selection, and Announcement Returns in Takeover Markets

Kawakami, Kei - 2019

We present a competitive model of takeovers that explains two robust features of the data: target premia and size-dependent bidder returns. Takeovers are driven by complementarity between two factors, non-tradeable "skill" and a tradeable "project". Firms are heterogeneous in both dimensions....

Persistent link: https://www.econbiz.de/10012866320

Dynamic Voluntary Disclosure with Endogenous Proprietary Costs

Bertomeu, Jeremy - 2020

This paper explores corporate disclosure in a dynamic oligopoly setting. In each period, a firm receives a signal on market size and must decide whether or not to publicly disclose the information before engaging in price competition in the product market. The main insight here is that firms'...

Persistent link: https://www.econbiz.de/10012705802

How Intensive is Competition in the Emerging Markets? An Analysis of Corporate Rates of Return from Nine Emerging Markets

Glen, Jack D.; Singh, Ajit; Matthias, Rudolph - 2021

This large empirical study of corporate profitability in emerging markets during the 1980s and 1990s measures the intensity of competition. Data on corporate rates of return, profit margins, and output-capital ratios reveal that the recent liberalization has been associated with reduced...

Persistent link: https://www.econbiz.de/10013317725

Sequential Competition and Innovation

Blatt, Julien - 2018

There is not a day goes by without a passionate debate concerning Big Tech companies; while the main concern of governments seems to be related to social justice, a growing worry is associated with the consequences that large firms have on consumer welfare; nowadays these big entities engage in...

Persistent link: https://www.econbiz.de/10012915369

Horizontal Shareholding and Network Theory

Romano, Alessandro - 2020

This paper uses network theory to argue that the consequences of horizontal ownership by large investment institutions … are more complicated than, and sometimes completely the opposite of, what conventional economic theory predicts … calculations and identify a method already developed in network theory that could help us perform them. I also show that in some …

Persistent link: https://www.econbiz.de/10014111141

A New Look at Oligopoly : Implicit Collusion Through Portfolio Diversification

Azar, Jose - 2012

In this paper, I develop a model of oligopoly with shareholder voting. Instead of assuming that firms maximize profits, the objective of the firms is decided by majority voting. This implies that portfolio diversification generates tacit collusion. In the limit, when all shareholders are...

Persistent link: https://www.econbiz.de/10013111678

Disorganization and Financial Collapse

Marin, Dalia; Schnitzer, Monika - 2021

credit enforcement is prohibitively costly. The theory helps to explain how the three observed phenomena of output decline …

Persistent link: https://www.econbiz.de/10013321384

Disorganization and Financial Collapse

Marin, Dalia; Schnitzer, Monika - 2005

Since the fall of communism, the former Soviet Union experienced a strong output decline and a dramatic increase in arrears and barter. We develop a model which explains how these three phenomena are connected. We introduce liquidity and credit constraints into a model of disorganization and...

Persistent link: https://www.econbiz.de/10014066152

Institutional investors, monitoring and corporate finance policies

Cleary, W. Sean; Wang, Jun - In: International journal of managerial finance : IJMF 13 (2017) 2, pp. 186-212

Persistent link: https://www.econbiz.de/10011699284