when taking merger decisions. In practice, firms and competition authorities cannot know exact future efficiency gains …, prior to merger consummation. This paper analyzes horizontal mergers when the output decision-making process is sequential …. A key assumption is that mergers create uncertainty on productivity and informational asymmetry between firms. The paper …

period to alter either the level or the volatility of the $/DM spot rate is examined. Volatility quotes implicit in foreign …

which information costs and regulations hold back merger activity. Our results suggest that banks operating in more …

1999-2006. Applying propensity score matching techniques we estimate positive wage premia of cross-boarder merger and …

-wealth ratio, and welfare should be higher in an open economy due to a higher productivity and/or less volatility through risk …

A recent literature has pointed at potential negative effects of exchange rate volatility on innovation. In this paper … years 1987 - 2003. We find that the direct negative effect of volatility is pronounced in manufacturing sector but is … dominated by the indirect effect via the export channel. Services do not face any effects of volatility on R&D intensities …

period of 1994q32005q2. The results suggest that the real exchange rate volatility and misalignment have depressing effects … volatility proving that the policy-induced changes in exchange rate has a stabilizing effect on trade flows. The implied … elasticity for the most significant real exchange rate volatility coefficient is 0.20. Using a two-step Engle-Granger technique …

This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas anticipation amplifies volatility …) to provide numerical evidence that news shocks increase the volatility of key macroeconomic variables in the euro area …

Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and … structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the …