Results 1 - 10
of
14,648
The market for corporate control: The scientific evidence
- Journal of Financial Economics
, 1983
"... This paper reviews much of the scientific literature on the market for corporate control. The evidence indicates that corporate takeovers generate positive gains, that target firm shareholders benefit, and that bidding firm shareholders do not lose. The gains created by corporate takeovers do not ap ..."
Abstract
-
Cited by 613 (11 self)
- Add to MetaCart
not appear to come from the creation of market power. With the exception of actions that exclude potential bidders, it is difficult to find managerial actions related to corporate control that harm shareholders. Finally, we argue the market for corporate control is best viewed as an arena in which managerial
Conduct Parameters and the Measurement of Market Power
- Journal of Econometrics
, 1999
"... This paper examines a simple version of the conduct parameter method widely used in empirical industrial organization and argues that the conduct parameter fails to measure market power accurately. It is shown analytically and with simulations that in a dynamic oligopoly model this mismeasurement ca ..."
Abstract
-
Cited by 108 (0 self)
- Add to MetaCart
This paper examines a simple version of the conduct parameter method widely used in empirical industrial organization and argues that the conduct parameter fails to measure market power accurately. It is shown analytically and with simulations that in a dynamic oligopoly model this mismeasurement
A Long-Memory Property of Stock Market Returns and a New Model
- Journal of Empirical Finance
, 1993
"... A ‘long memory ’ property of stock market returns is investigated in this paper. It is found that not only there is substantially more correlation between absolute returns than returns them-selves, but the power transformation of the absolute return lrfl ” also has quite high autocorrel-ation for lo ..."
Abstract
-
Cited by 631 (18 self)
- Add to MetaCart
A ‘long memory ’ property of stock market returns is investigated in this paper. It is found that not only there is substantially more correlation between absolute returns than returns them-selves, but the power transformation of the absolute return lrfl ” also has quite high autocorrel-ation
Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics
- Journal of Financial Economics
, 1997
"... We analyze the empirical power and specification of test statistics in event studies designed to detect long-run (one- to five-year) abnormal stock returns. We document that test statistics based on abnormal returns calculated using a reference portfolio, such as a market index, are misspecified (em ..."
Abstract
-
Cited by 548 (9 self)
- Add to MetaCart
We analyze the empirical power and specification of test statistics in event studies designed to detect long-run (one- to five-year) abnormal stock returns. We document that test statistics based on abnormal returns calculated using a reference portfolio, such as a market index, are misspecified
Measuring Reactive Market Power
- Proceedings of the IEEE Winter Meeting
, 1999
"... Market power refers to conditions where the providers of a service can consistently charge prices above those that would be established by a competitive market. There are many well known definitions of market power, including indices intended to quantify the degree of market concentration of energy ..."
Abstract
-
Cited by 1 (0 self)
- Add to MetaCart
Market power refers to conditions where the providers of a service can consistently charge prices above those that would be established by a competitive market. There are many well known definitions of market power, including indices intended to quantify the degree of market concentration of energy
A model of growth through creative destruction
, 1990
"... This paper develops a model based on Schumpeter's process of creative destruction. It departs from existing models of endogeneous growth in emphasizing obsolescence of old technologies induced by the accumulation of knowledge and the resulting process or industrial innovations. This has both ..."
Abstract
-
Cited by 1941 (27 self)
- Add to MetaCart
the log of GNP follows a random walk with drift. The size of the drift is the average growth rate of the economy and it is endogeneous to the model; in particular it depends on the size and likilihood of innovations resulting from research and also on the degree of market power available to an innovator.
Horizontal Market Power in Wisconsin
, 2000
"... The Public Service Commission of Wisconsin (PSCW) has identified the development of a robust wholesale electric market as one of its primary policy objectives in the electric restructuring process underway in Wisconsin. Market power Market power has been defined by the PSCW as the ability of a selle ..."
Abstract
- Add to MetaCart
The Public Service Commission of Wisconsin (PSCW) has identified the development of a robust wholesale electric market as one of its primary policy objectives in the electric restructuring process underway in Wisconsin. Market power Market power has been defined by the PSCW as the ability of a
Distinguishing the Source of Market Power
- American Journal of Agricultural Economics
"... Structural models used to measure market power, though widely employed, continue to be criticized. We compare alternative market power tests, including nonparametric and Solow residual-based (SRB) tests. We develop SRB methods that permit nested testing for both monopolistic and monopsonistic market ..."
Abstract
-
Cited by 2 (0 self)
- Add to MetaCart
Structural models used to measure market power, though widely employed, continue to be criticized. We compare alternative market power tests, including nonparametric and Solow residual-based (SRB) tests. We develop SRB methods that permit nested testing for both monopolistic and monopsonistic
Abuse of Market Power
- Economic Journal
, 2005
"... Competition law is a fundamental part of the ground-rules of the market economy. Its three basic elements combat anti-competitive agreements, anti-competitive mergers and abuse of market power. Competition policy in Europe in respect of the first two elements has recently been reformed towards a mor ..."
Abstract
-
Cited by 12 (2 self)
- Add to MetaCart
Competition law is a fundamental part of the ground-rules of the market economy. Its three basic elements combat anti-competitive agreements, anti-competitive mergers and abuse of market power. Competition policy in Europe in respect of the first two elements has recently been reformed towards a
Results 1 - 10
of
14,648