The transition from the social nature of production to commodity requires a transition to a market system of the organization wages. In essential terms, this means that the distribution of labor, ie, on wage formation as a share of the joint product, you must go to the formation of wages as the...

This paper examines the announcement period and the post acquisition gains of UK acquirers of unlisted targets that are subject to value-ambiguity. The evidence shows that target’s age, size, intangibility of assets, and investments can explain the variations in bidding firm’s abnormal...

This paper empirically examines social network explanations for migration decisions in the context of the German reunification. Using longitudinal data from the German Socio-Economic Panel, we first show that the presence of family and friends in West Germany is an important predictor for the...

A two-stage stock-financed merger occurs when an acquiring firm first issues shares, and then engages in a cash acquisition shortly afterward. Such deals allow us to test two important hypotheses derived from decoupling: by clienteles via segmentation and by time. The acquirer's value is...

This paper establishes that credit ratings affect the choice of payment method in mergers and acquisitions. We find that bidders holding a high rating level are more likely to use cash financing in a takeover. We attribute this finding to lower financial constraints and enhanced capability of...