The aims of this paper are to study the e¤ects of mergers on the R&D activity of consolidated …rms and to explore the relationship between ex-ante relatedness of merging parties and their ex-post performances. The analysis is conducted using data of the pharmaceutical industry for the period 1988-2004. The empirical results suggest that merged companies have on average, worst performances than ...

In this paper the heterogeneous firms and trade literature is extended by integrating quality of inputs and outputs in a food and agricultural setting, along with an analysis of how the ability to translate capability into higher product quality is critical in evaluating the cut-offs for food processing firms to enter domestic and export markets. Specifically, it is found that the direction of ...

Prep1 is known to interact in vivo with Pbx1 to regulate development and organogenesis. We have identified a novel Prep1-interacting protein, p160 c-Myb binding protein (p160). p160 and Pbx1 compete for Prep1 in vitro, and p160 inhibits Prep1-dependent HoxB2 expression in retinoic acid-treated NT2-D1 cells. The N-terminal physiologically truncated form of p160, p67, binds the sequence 63LFPLL67...

We present a new estimator for causal effects with panel data that builds on insights behind the widely used difference-in-differences and synthetic control methods. Relative to these methods we find, both theoretically empirically, this “synthetic difference-in-differences” has desirable robustness properties, it performs well in settings where conventional estimators are commonly practice. st...

In this paper, we estimate a mixed logit model for demand in the U.S. processed cheese market. The estimates are used to determine pass-through rates of cost changes under different behavioral regimes. We find that, under collusion, the pass-through rates for all brands fall between 21% and 31% while, under Bertrand-Nash price competition, the range of pass-through rates are between 73% and 103...

I show that an advertising ban is more likely to increase rather than decrease total consumption when advertising does not bring about a large expansion of market demand at given prices and when it increases product differentiation (thus allowing firms to command higher prices). In this case, the main impact of a ban on advertising is to reduce equilibrium prices and thus increase demand. I arg...

A central result in the theoretical literature on strategic trade is the ‘rent-shifting hypothesis’, the idea that government’s can employ trade policy as a precommitment device to transfer profit from foreign to domestic firms. To our knowledge, however, the rent-shifting hypothesis remains untested empirically. This paper constructs a theory-based empirical test of rent-shifting behavior that...

This paper takes a new look at the e¤ects of mergers on innovation by analysing the relationship between ex-ante technological (and product) relatedness of acquirers and targets and post-merger performances. The analysis is conducted using data on consolidations in the pharmaceutical industry for the period 1988-2004. Empirical results show that merger deals are more likely to be signed between...

Drawing on data from an annual French guidebook published in 2004, this paper focuses on the determinants of experts’ ratings on Cuban cigars. We find that high quality cigars are more likely to be recommended to more experienced cigar lovers. Both the selfassessed quality and recommendation depend on the length and diameter of the cigars, but also on more subjective characteristics like number...

Because packaging reaches consumers at the critical moments of purchase and consumption, it has become an important marketing tool for food manufacturers and retailers. In this paper, I first review how the marketing, health and nutrition claims made on packaging create “health halos” that make foods appear healthier than they are, thereby leading to higher consumption yet lower perceived calor...