Export orientation and domestic merger policy: theory and some empirical evidence

Monetary Policy: Some Theory and Evidence

Merger Waves: Theory and Evidence

This paper presents a model that incorporates product market competition into the standard neoclassical framework. The model explains why value-maximizing firms conduct mergers that appear to lower shareholder value. In a Cournot setting, the model demonstrates a prisoners’ dilemma for merging firms in a merger wave. Consistent with the model’s implications, the paper empirically documents that...

Merger Control and Enterprise Competitiveness - Empirical Analysis and Policy Recommendations

Money and Banks: Some Theory and Empirical Evidence for Germany

This paper contributes to the analysis of the money supply process in Germany during the period of monetary targeting by the Bundesbank from 1975-1998. While the standard money multiplier approach assumes that the money stock is determined by the money multiplier and the monetary base it is argued here that both the money stock and the monetary base are determined endogenously by the optimizing...

Export performance and market orientation: establishing an empirical link

This study examines the export performance consequences of a market orientation and the potential moderating impact of the competitive, technological, and market environment. Market orientation was positively related to three dimensions of export performance: change in export sales, export profits, and change in export profits. The impact of market orientation on export profits and change in ex...