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Environmental Policy and Directed Technical Change in a Global Economy: The Dynamic Impact of Unilateral Environmental Policies

Hemous, David - C.E.P.R. Discussion Papers - 2013

This paper builds a two-country (North, South), two-sector (polluting, nonpolluting) trade model with directed technical change, examining whether unilateral environmental policies can ensure sustainable growth. The polluting good is produced with a clean and a dirty input. I show that a...

Persistent link: https://www.econbiz.de/10011084402

Climate Change Mitigation Strategies in Fast-Growing Countries: The Benefits of Early Action

Bosetti, Valentina; Carraro, Carlo; Tavoni, Massimo - C.E.P.R. Discussion Papers - 2009

This paper builds on the assumption that OECD countries are (or will soon be) taking actions to reduce their greenhouse gas emissions. These actions, however, will not be sufficient to control global warming, unless developing countries also get involved in the cooperative effort to reduce GHG...

Persistent link: https://www.econbiz.de/10004964422

Why Mergers Reduce Profits, and Raise Share-Prices

Fridolfsson, Sven-Olof; Stennek, Johan - C.E.P.R. Discussion Papers - 2000

We explain the empirical puzzle why mergers reduce profits, and raise share prices. If being an 'insider' is better than being an 'outsider', firms may merge to preempt their partner merging with a rival. The stock-value is increased, since the risk of becoming an outsider is eliminated. We also...

Persistent link: https://www.econbiz.de/10005504698

The Political Economy of Corporate Governance

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2001

predicts the frequency of mergers and acquisitions to be negatively correlated with employment protection. These predictions …

Persistent link: https://www.econbiz.de/10005666907

The Impact of Horizontal Mergers on Rivals: Gains to Being Left Outside a Merger

Clougherty, Joseph A.; Duso, Tomaso - C.E.P.R. Discussion Papers - 2008

It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert-identification of relevant rivals and the event-study...

Persistent link: https://www.econbiz.de/10005123810

The Timing of Takeovers in Growing and Declining Markets

Mason, Robin; Weeds, Helen - C.E.P.R. Discussion Papers - 2010

Empirical studies have found that takeover activity is positively related to the absolute size of industry-level shocks. In this paper we develop a dynamic framework to analyze the timing of takeover which explains this pattern. Takeover may create value either by exploiting synergies or through...

Persistent link: https://www.econbiz.de/10008468572

Acquisitions, Entry, and Innovation in Network Industries

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim Ingemar - C.E.P.R. Discussion Papers - 2013

necessarily restrict innovation incentives. We also show that network effects promote acquisitions over entry and that the …

Persistent link: https://www.econbiz.de/10011083667

Foreign acquisition, plant survival, and employment growth

Bandick, Roger; Görg, Holger - C.E.P.R. Discussion Papers - 2009

This paper analyses the effect of foreign acquisition on survival probability and employment growth of target plant using data on Swedish manufacturing plants during the period 1993-2002. An improvement over previous studies is that we take into account firm level heterogeneity by separating the...

Persistent link: https://www.econbiz.de/10005016249

Means of Payment in Takeovers: Results for the UK and US

Franks, Julian R; Harris, Robert; Mayer, Colin - C.E.P.R. Discussion Papers - 1987

2,500 acquisitions in the United Kingdom and United States are used to examine means of payment in acquisitions. There … has been a substantial increase in the proportion of acquisitions financed with cash in the United States over the period … equity acquisitions and the differences cannot be wholly attributed to the nature of the bid. Cash acquisitions display a …

Persistent link: https://www.econbiz.de/10005666479

The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006

Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....

Persistent link: https://www.econbiz.de/10005791605