An Options-based Approach to Forecast Competing Bids: Evidence for Canadian Takeover Battles
Stefan Eichler, Dominik Maltritz
Applied Economics,
Nr. 34,
2013
Abstract
During takeover battles, a tender offer provides a call option right to the target’s shareholders: it guarantees the offered price but maintains the chance of a higher offer. We present an options-based approach to estimate the probability and expected value of higher competing takeover bids using target stock price data. Analysing Canadian takeover battles in the period 1997 to 2007 we find that during the 5 trading days prior to the occurrence of an increased takeover bid, the estimated probability of a higher bid exceeds 80% on average and the expected value of a potential competing bid almost matches the realized value.
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The Role of the Intellectual Property Rights Regime for Foreign Investors in Post-Socialist Economies
Benedikt Schnellbächer, Johannes Stephan
IWH Discussion Papers,
Nr. 4,
2009
Abstract
We integrate international business theory on foreign direct investment (FDI) with institutional theory on intellectual property rights (IPR) to explain characteristics and behaviour of foreign investment subsidiaries in Central East Europe, a region with an IPR regime-gap vis-à-vis West European countries. We start from the premise that FDI may play a crucial role for technological catch-up development in Central East Europe via technology and knowledge transfer. By use of a unique dataset generated at the IWH in collaboration with a European consortium in the framework of an EU-project, we assess the role played by the IPR regimes in a selection of CEE countries as a factor for corporate governance and control of foreign invested subsidiaries, for their own technological activity, their trade relationships, and networking partners for technological activity. As a specific novelty to the literature, we assess the in influence of the strength of IPR regimes on corporate control of subsidiaries and conclude that IPR-sensitive foreign investments tend to have lower functional autonomy, tend to cooperate more intensively within their transnational network and yet are still technologically more active than less IPR-sensitive subsidiaries. In terms of economic policy, this leads to the conclusion that the FDI will have a larger developmental impact if the IPR regime in the host economy is sufficiently strict.
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On the Trail of Core–periphery Patterns in Innovation Networks: Measurements and New Empirical Findings from the German Laser Industry
Wilfried Ehrenfeld, Toralf Pusch, Muhamed Kudic
Annals of Regional Science,
Nr. 1,
2015
Abstract
It has been frequently argued that a firm’s location in the core of an industry’s innovation network improves its ability to access information and absorb technological knowledge. The literature has still widely neglected the role of peripheral network positions for innovation processes. In addition to this, little is known about the determinants affecting a peripheral actors’ ability to reach the core. To shed some light on these issues, we have employed a unique longitudinal dataset encompassing the entire population of German laser source manufacturers (LSMs) and laser-related public research organizations (PROs) over a period of more than two decades. The aim of our paper is threefold. First, we analyze the emergence of core–periphery (CP) patterns in the German laser industry. Then, we explore the paths on which LSMs and PROs move from isolated positions toward the core. Finally, we employ non-parametric event history techniques to analyze the extent to which organizational and geographical determinates affect the propensity and timing of network core entries. Our results indicate the emergence and solidification of CP patterns at the overall network level. We also found that the paths on which organizations traverse through the network are characterized by high levels of heterogeneity and volatility. The transition from peripheral to core positions is impacted by organizational characteristics, while an organization’s geographical location does not play a significant role.
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Hat die Befristung von Arbeitsverträgen einen Einfluss auf die berufliche Weiterbildung geringqualifiziert beschäftigter Personen?
Eva Reinowski, Jan Sauermann
Zeitschrift für Arbeitsmarktforschung,
Nr. 4,
2008
Abstract
Anhand des Mikrozensus 2004 wird untersucht, ob die Befristung von Arbeitsverträgen Einfluss auf die Beteiligung geringqualifiziert Beschäftigter an beruflicher Weiterbildung hat. Zur Berücksichtigung systematischer Unterschiede zwischen befristet und unbefristet Beschäftigten wird für die Analyse ein rekursives bivariates Probitmodell eingesetzt. Es wird kein systematischer Nachteil einer Befristung für geringqualifiziert Beschäftigte beim Zugang zu beruflicher Weiterbildung festgestellt.
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Analyse der Handelsströme und Direktinvestitionen zwischen deutschland und ausgewählten mittel- und osteuropäischen Ländern im Hinblick auf die Umweltintensität der Produkte
Klaus Holst, Peter Voigt, Thomas Meißner
Einzelveröffentlichungen,
Nr. 1,
1998
Abstract
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Stages of the Ongoing Global Financial Crisis: Is There a Wandering Asset Bubble?
Lucjan T. Orlowski
IWH Discussion Papers,
Nr. 11,
2008
Abstract
This study argues that the severity of the current global financial crisis is strongly influenced by changeable allocations of the global savings. This process is named a “wandering asset bubble”. Since its original outbreak induced by the demise of the subprime mortgage market and the mortgage-backed securities in the U.S., this crisis has reverberated across other credit areas, structured financial products and global financial institutions. Four distinctive stages of the crisis are identified: the meltdown of the subprime mortgage market, spillovers into broader credit market, the liquidity crisis epitomized by the fallout of Bear Sterns with some contagion effects on other financial institutions, and the commodity price bubble. Monetary policy responses aimed at stabilizing financial markets are proposed.
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The Influence of a Heterogeneous Banking Sector on the Interbank Market Rate in the Euro Area
Ulrike Neyer, Jürgen Wiemers
Swiss Journal of Economics and Statistics,
2004
Abstract
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The Successes and Failures of Economic Transition
Hubert Gabrisch, Jens Hölscher
,
2006
Abstract
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Trade structure and trade liberalization. The emerging pattern between the EU and Transition Economies
Hubert Gabrisch, Maria Luigia Segnana
IWH Discussion Papers,
Nr. 108,
1999
Abstract
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Umweltschutzdienstleistungen der gewerblichen Wirtschaft in Ostdeutschland
Jens Horbach, Walter Komar
Forschungsreihe,
Nr. 2,
1996
Abstract
Vor dem Hintergrund des hohen Nachholbedarfes im Umweltschutz der neuen Länder und neuer umweltgesetzlicher Regelungen werden die Marktchancen ostdeutscher An-bieter von Umweltschutzdiensten auf der Basis einer Befragung im Jahr 1995 untersucht. Die Analyse zeigt günstige Perspektiven für die Bereiche Entsorgung und Recycling sowie Altlastensanierung. Die bundesweit geltenden Regelungen des neuen Kreislaufwirtschafts- und Abfallgesetzes dürften auch positive Impulse für die Abfall- und Recyclingbranche in Westdeutschland auslösen.
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