UK Competition Policy and Shareholder Value: The Impact of Merger Inquiries

Some previous studies have suggested that competition régimes can destroy shareholder value. This study examines data on 50 mergers in the UK between 1989 and 2002. The study confirms the finding from earlier studies of greater gains to shareholders in target than bidding companies, but does not find evidence supporting overall loss of shareholder value to target company shareholders when a merger is prohibited. It finds evidence that when the regulatory régime is stable and well understood the capital market behaves efficiently in response to new information. However, for a subgroup of the mergers involving companies with a new regulatory régime, where the industry and the stock market had little or no experience with respect to mergers, the capital market operated less efficiently.     

美学再思考

审美根本不是自治的,它连接着更大的社会基座。我们需要一种情境性与连续性美学,这是一种描述性的而非规定性的理论,它认识到并拓展了与审美经验的联系,而且呼唤我们作为一个积极的参与者全身心的介入。     

Underwriting and Calls of Convertible Bonds*

We model convertible bond calls under asymmetric information where, unlike Harris and Raviv (1985), we consider a nonzero call price and a call notice period. In the model, the use of underwriters conveys negative information. Consequently, the stock price decline is greater for underwritten calls than for nonunderwritten calls. Furthermore, underwritten calls are made earlier and when the conversion option is less deep in the money. Underwriting commissions and the stock price decline associated with a call are negatively related to the extent that the conversion option is in the money before the call. Empirical evidence in this paper and Singh, Cowan, and Nayar (1991) are consistent with the model's predictions.     

JOINT PRODUCT COST ALLOCATION IN THE CONTEXT OF COST-PLUS PRICING DETERMINATIONS WITH NON-UNIFORM MARKUPS

Companies that use cost-based pricing sometimes manufacture products that involve joint cost allocation. A problem with this is that, while product prices are a function of the full cost, joint cost allocation methods using net realizable values depend on the product prices. This paper demonstrates that when all costs and production quantities are known or can be budgeted, it is possible to simultaneously determine unique product prices (having non-uniform markup rates) and cost allocations using the net realizable value method.