We analyze the effects of synergies from horizontal mergers in a Cournot oligopoly where principals provide their … agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … order to reduce her agency costs. Whenever this incentive effect dominates the well-known direct synergy effect, synergies …

by the greater efficiency of banks which enlarge their market share by reducing prices (X-Efficiency Hypothesis, ESX). We …) for the Italian market. First we estimate the cost efficiency for a sample of more than 200 banks by applying the … Stochastic Frontier Analysis (SFA). In the second step we regress bank spreads on efficiency scores and market structure …

The objective of this paper is to discuss the use of modern frontier efficiency analysis to analyze firm performance in … research to incorporate the frontier efficiency approach. The chapter also serves as a guide for those who are already … conducting frontier efficiency analysis but are seeking guidance in using the methodology or defining inputs and outputs. We …

A non-parametric approach is used to examine the effects of globalization and deregulation on the efficiency and … efficient than small banks for most efficiency indices in both years. However, despite globalization, deregulation, and the … gains in technology and productivity, there was a decrease in overall efficiency for both large and small banks in 2003 …

, we find that the operating efficiency of the acquirers decreases around the acquisition, and up to three years after …-price return is not significantly associated with acquirer’s operating efficiency post-acquisition. Therefore, investors should be … merger efficiency gains. …

This chapter analyzes the effect of intangible investment on firm efficiency with an emphasis on its software component … technical efficiency in the software intensive manufacturing firms in Turkey for the period 2003-2007. Firms are classified … differentials in their firm efficiency. The results show that the effect of software investment on firm efficiency is larger in high …

transparency) is positively associated with firm-level operational efficiency and access to external financing. Several cross … better-developed capital markets that facilitate capital allocation and production efficiency. Additional analyses using the …

firms. Using patents and citations scaled by R&D expenses and R&D capital as measures of innovation efficiency, we find that … multinational firms have lower levels of innovation efficiency than purely domestic firms. This finding has been supported by … innovation efficiency adversely.Our results further suggest that innovation efficiency is more valuable to multinational firms …