Search results for " Mergers"
showing 10 items of 13 documents
Big Data and Antitrust Enforcement
2017
The interaction between information, innovation and market outcomes is shaping the modern digital industries of the 21st century: the business models of search engines, social networks, e-commerce websites and marketplaces are highly reliant on the ability to gather and process large amount of data. At the same time, it is increasingly recognized that the use of Big Data by online platforms and intermediaries has far-reaching consequences not only on economic activity, but also on social and political mechanisms: technological developments affecting information flows affect the organization of markets as well as the nature of individual interactions and the functioning of the political proc…
Concentrazioni [dir. comm.]
2015
Il controllo delle concentrazioni è, insieme alla repressione delle intese restrittive della concorrenza e degli abusi di posizione dominante, parte essenziale di tutte le discipline antitrust vigenti nel modo industrializzato. La disciplina italiana, contenuta nella l. n. 287/90, è largamente ispirata a quella europea, introdotta con il Reg. n. 4064/89, anche se tra i due sistemi sussistevano alcune differenze, per lo più limitate ad aspetti procedimentali. Con il Reg. 139/04 la disciplina europea ha però subito modifiche anche di rilievo sostanziale, alle quali il legislatore italiano non ha ritenuto, fino ad oggi, di doversi conformare. Merger control is, along with the repression of ant…
Efectos de las fusiones bancarias en los resultados. El caso de las cajas rurales en España durante la primera mitad de la década de 2000
2010
ResumenDurante los últimos diez años se han producido numerosos episodios de fusiones entre cajas rurales españolas. El objetivo del trabajo es analizar el efecto que las fusiones entre cajas rurales llevadas a cabo durante la primera mitad de la década del 2000 han tenido sobre los niveles de rentabilidad, eficiencia y productividad y sobre el comportamiento estratégico de estas entidades. Para ello, se han seleccionado las fusiones realizadas durante el período considerado y se han analizado diferentes variables en comparación con la media del sector (grupo de control) para los cinco años anteriores y posteriores a la fusión. El estudio demuestra que las fusiones en las cajas rurales espa…
Finnish mergers : Change in the Context of Continuity
2016
This chapter focuses on three prominent university mergers in Finland which took place during the last decade. In order to understand the mergers and the developments that led to them, we highlight broader higher education policy change, most notably the making and implementation of the new Universities Act (558/2009). The changing discourse around the role of higher education (Nokkala, 2016) and the changing of the Universities Act took place in parallel to the merger processes, thus forming the broader political context which the structural development took place. In our analysis, we take as our central perspective the roles of the national actors to introduce national translations and so…
L’actionnariat des salariés influencet-il la rémunération des dirigeants ?
2017
International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…
L’actionnariat des salariés influence-t-il la rémunération des dirigeants ?
2017
International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…
Allocating cost reducing investments over competing divisions
2007
This paper examines a three-stage model of divisionalization where, first, two parent firms create independent units, second, the parent firms allocate cost reduction levels over these units, and third, the resulting units compete in a Cournot market given their current costs of production. The introduction of the cost reduction phase is shown to reduce the incentives toward divisionalization severely, relative to other existing models. Namely, the scope for divisionalization in equilibrium reduces as the marginal cost of the cost reducing investment decreases, and eventually vanishes. A second-best welfare analysis shows that, for any given market structure, the equilibrium investment deci…
Search for High-energy Neutrinos from Gravitational Wave Event GW151226 and Candidate LVT151012 with ANTARES and IceCube
2017
[EN] The Advanced LIGO observatories detected gravitational waves from two binary black hole mergers during their first observation run (O1). We present a high-energy neutrino follow-up search for the second gravitational wave event, GW151226, as well as for gravitational wave candidate LVT151012. We find two and four neutrino candidates detected by IceCube, and one and zero detected by ANTARES, within +/- 500 s around the respective gravitational wave signals, consistent with the expected background rate. None of these neutrino candidates are found to be directionally coincident with GW151226 or LVT151012. We use nondetection to constrain isotropic-equivalent high-energy neutrino emission …
Open data from the first and second observing runs of advanced LIGO and advanced Virgo
2021
Abbot, Rich, et al. (Virgo and MAGIC Collaboration)
Seat Competitiveness and Redistricting: Evidence from Voting on Municipal Mergers
2013
We analyze how (anticipated) changes in the competitiveness of the seats of municipal councilors affect their voting behavior over municipal mergers. The competitiveness of the seats changes because the merger changes the composition of political competitors and the number of available seats in the next election. We use this variation for identification and find that the smaller the increase in the competitiveness of a councilor's seat, the more likely he is to vote for the merger. These effects are not related to the behavioral responses of the voters, but arise from the councilors’ desire to avoid electoral competition.