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Collective Risk-Taking Decisions with Heterogeneous Beliefs
Gollier, Christian - CESifo - 2003
tolerance. From this central result, we show how increasing disagreement on the state probability affects the state probability …
Persistent link: https://www.econbiz.de/10005196319
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A High-Low Model of Daily Stock Price Ranges
Cheung, Yan-Leung; Cheung, Yin-Wong; Wan, Alan T.K. - CESifo - 2008
We observe that daily highs and lows of stock prices do not diverge over time and, hence, adopt the cointegration concept and the related vector error correction model (VECM) to model the daily high, the daily low, and the associated daily range data. The in-sample results attest the importance...
Persistent link: https://www.econbiz.de/10005196290
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Horizontal Merger under Strategic Tax Policy
Liu, Chih-Chen; Mukherjee, Arijit; Wang, Leonard F.S. - CESifo - 2014
We show that the presence of a strategic tax policy increases the incentive for a horizontal merger compared to the … a horizontal merger that has been ignored in the existing literature. In contrast to the usual belief, we also show that … a horizontal merger may benefit the consumers and the society. …
Persistent link: https://www.econbiz.de/10010948827
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Profitable Horizontal Mergers without Cost Advantages: The Role of Internal Organization, Information, and Market Structure
Huck, Steffen; Konrad, Kai A.; Müller, Wieland - CESifo - 2001
Merged firms are typically rather complex organizations. Accordingly, merger has a more profound effect on the …
Persistent link: https://www.econbiz.de/10005765715
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Merger in Contests
Huck, Steffen; Konrad, Kai A.; Müller, Wieland - CESifo - 2000
Competition in some markets is a contest. This paper studies the merger incentives in such markets. Merger can be … profitable. The profitability depends on the post-merger contest st ructure, the discriminatory power of the contest and on the …
Persistent link: https://www.econbiz.de/10005766002
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The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities
Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015
We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using the topical example of a firm acquisition. We show that no mechanism exists that allows an investor to acquire a low-cost firm under incomplete information: a separating auction...
Persistent link: https://www.econbiz.de/10011205382
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Tax Competition – Greenfield Investment versus Mergers and Acquisitions
Becker, Johannes; Fuest, Clemens - CESifo - 2008
In this paper, we analyze tax competition in a model where investor firms have the choice between two types of investment, greenfield investment and mergers and acquisitions. We show that the coexistence of these two types of investment intensifies tax competition in comparison to the case where...
Persistent link: https://www.econbiz.de/10005405878
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Driven by the Discount Factor: Impact of Mergers on Market Performance in the Semiconductor Industry
Harris, Jeremiah; Siebert, Ralph - CESifo - 2015
This study investigates the impact of firm-specific discount factors on merger formation and market performance. We … explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms …
Persistent link: https://www.econbiz.de/10011163068
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Source versus Residence Based Taxation with International Mergers and Acquisitions
Becker, Johannes; Fuest, Clemens - CESifo - 2009
This paper analyses tax competition and tax coordination in a model where capital flows occur in the form of mergers and acquisitions, rather than greenfield investment. In this framework, we show that differences in residence based taxes do not necessarily distort international ownership...
Persistent link: https://www.econbiz.de/10008534000
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Buying to Sell: Private Equity Buyouts and Industrial Restructuring
Norbäck, Pehr-Johan; Persson, Lars; Tag, Joacim - CESifo - 2013
We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...
Persistent link: https://www.econbiz.de/10010681223