155 research outputs found
Incentives for Partial Acquisitions and Real Market Concentration
We analyze the incentives of a controlling shareholder of a firm to acquire, directly or indirectly through his firm, shares in a competitor. We charaterize the conditions under which these partial acquisitions as well as the equilibrium toehold and its nature: controlling or silent. We find that while this shareholder gains, the acquisition is detrimental to minority shareholders of his firm, or of the target, or even of both. We show that the incentives are enhanced if the dominant shareholder initially holds silent stakes in rivals while controlling interests may discourage them. Moreover, we find that partial acquisitions always lead to a decrease in the joint profit of the two firms involved, and an increase in competitor's profits as the market becomes less competitive.horizontal partial acquisitions ; real market concentration ; dominant shareholder ; minority shareholders ; silent interests.
Real market concentration through partial acquisitions
We study horizontal partial acquisitions in an oligopolistic industry in the absence of synergies. Contrary to existing results, we find that a dominant shareholder may choose to acquire shares in a competitor although the aggregate profit of the group of firms under his control, and even the greater group of firms in which he has a stake, is reduced. This is due to a âfavoriteâ effect: after the acquisition, the dominant shareholder will favor the firm in which he eventually holds the relatively higher share to the detriment of shareholders of the other firms. For this reason, a block of shares can be bought at a discount when the value of the firm of the initiator decreases post acquisition. Moreover, we show that the existence of initial silent toeholds in rivals enhances the incentive for a dominant shareholder to buy shares in other firms in the industry, whereas controlling ones may discourage them.Horizontal partial acquisitions; Real market concentration; Dominant shareholder; Minority shareholders; Silent interests
Dense and long-term monitoring of Earth surface processes with passive RFID -- a review
Billions of Radio-Frequency Identification (RFID) passive tags are produced
yearly to identify goods remotely. New research and business applications are
continuously arising, including recently localization and sensing to monitor
earth surface processes. Indeed, passive tags can cost 10 to 100 times less
than wireless sensors networks and require little maintenance, facilitating
years-long monitoring with ten's to thousands of tags. This study reviews the
existing and potential applications of RFID in geosciences. The most mature
application today is the study of coarse sediment transport in rivers or
coastal environments, using tags placed into pebbles. More recently, tag
localization was used to monitor landslide displacement, with a centimetric
accuracy. Sensing tags were used to detect a displacement threshold on unstable
rocks, to monitor the soil moisture or temperature, and to monitor the snowpack
temperature and snow water equivalent. RFID sensors, available today, could
monitor other parameters, such as the vibration of structures, the tilt of
unstable boulders, the strain of a material, or the salinity of water. Key
challenges for using RFID monitoring more broadly in geosciences include the
use of ground and aerial vehicles to collect data or localize tags, the
increase in reading range and duration, the ability to use tags placed under
ground, snow, water or vegetation, and the optimization of economical and
environmental cost. As a pattern, passive RFID could fill a gap between
wireless sensor networks and manual measurements, to collect data efficiently
over large areas, during several years, at high spatial density and moderate
cost.Comment: Invited paper for Earth Science Reviews. 50 pages without references.
31 figures. 8 table
Takeover deterrents and cross partial ownership: The case of golden shares
We analyse takeovers in an industry with bilateral capitalâlinked firms in cross partial ownership (CPO). Before merger, CPO reduces the profitability of involved firms, confirming the âoutsider effect.â However, the impact of CPO upon merger profitability is twoâsided in a Cournot setting. CPO, by cointegrating profits, increases output collusion leading to anticompetitive effects with facilitated mergers in most cases. Nonetheless, a protective threshold exists for which CPO arrangements can reduce the incentives for hostile takeovers. This has potentially significant regulatory implications. An illustrative example showcases the potential relevance of CPO as a defence against hostile takeovers across different industries
A Fuzzy-Set Qualitative Comparative Analysis of the Hungarian, Polish and Lithuanian Presidencies and European Union Eastern Partnership Policies
Politique du patrimoine en Allemagne : un fédéralisme de coopération
In Germany, public support to cultural heritage is multiple (specific and regular subsidies, legislation relating to the royalties, inciting taxation, fiscal relief, common supports to private organisationsâŠ). Large cities that have in charge the equipment (of museums, orchestras, operas and theatres) devote a large amount of their budget to these institutions, whereas the small and medium ones finance mostly the socio-cultural and artistic activities. To be able to preserve the autonomy in cultural matters means mostly to combine different kind of funds, public one (various levels of federal funds, public organizations) and private one (coming from individuals, companies, advertisingâŠ). The financial engagement of public institutions is only justified when intended to achieve goals of public and social utility (a geographical pluralism in terms of culture/ cultural democracy/ social support for innovation and experiments/ protection of cultural heritage). A cultural policy is meant to set the rules of the game and to better distribute the private and public financial resources, at different stages (Bund, LĂ€nder and districts). Gradually, the heritage policy is part of a bigger development project in terms of spatial, cultural, social and pedagogical planning. This broader definition of heritage, its uses and its implications, makes it possible to strengthen cooperation, to change legislation and also have an impact on the institutions concerned by its management. Innovative solutions were found by the installation of consultant bodies and by the implementation of dialogue between multiple partners dealing with one specific project. The analysis of german cultural complexity shows how much it becomes necessary to reinforce horizontal coordination. This goes hand in hand with an analysis of interaction between local, regional, national and european levels.En Allemagne, les formes dâintervention publique sont multiples (subventions ponctuelles et rĂ©guliĂšres, lĂ©gislation relative aux droits dâauteur, fiscalitĂ© incitative, dĂ©grĂšvements fiscaux, participation Ă des organismes de droit privĂ©âŠ). Les grandes villes qui gĂšrent les Ă©quipements lourds (musĂ©es, orchestres, opĂ©ras, thĂ©Ăątres) consacrent en gĂ©nĂ©ral une part considĂ©rable de leur budget Ă ces institutions, alors que les petites et moyennes communes financent davantage les activitĂ©s relevant de lâanimation culturelle et de lâĂ©veil artistique. La seule garantie dâautonomie est de pouvoir accĂ©der Ă la plus large pluralitĂ© de sources de financement, publiques (diffĂ©rents niveaux de gouvernement, organismes publics) et privĂ©es (individus, entreprises, publicitĂ©sâŠ). Lâengagement financier des pouvoirs publics se justifie seulement sâil est destinĂ© Ă atteindre des objectifs dâutilitĂ© sociale bien dĂ©terminĂ©e (pluralisme culturel, dĂ©mocratie culturelle, rĂ©Ă©quilibrage gĂ©ographique et social, soutien Ă lâinnovation et Ă lâexpĂ©rimentation, protection du patrimoine culturelâŠ). La rĂ©gulation publique doit permettre de poser certaines rĂšgles du jeu et de mieux rĂ©partir les sources de financement, entre les investisseurs privĂ©s et publics dâune part, entre le pouvoir central et les collectivitĂ©s territoriales dâautre part. Progressivement, la politique de conservation du patrimoine est intĂ©grĂ©e Ă un projet global de dĂ©veloppement (spatial, culturel, social et pĂ©dagogique). Cette conception plus large du patrimoine, de ses usages et de ses implications, permet de renforcer les coopĂ©rations, tant au niveau des lĂ©gislations quâau niveau des institutions. Des solutions originales ont Ă©tĂ© trouvĂ©es, notamment par la mise en place dâorganes de consultation et de concertation multisectorielle, entre les partenaires concernĂ©s par un mĂȘme projet. Lâanalyse de la complexitĂ© culturelle allemande montre combien il devient nĂ©cessaire de renforcer la coordination horizontale, pluridisciplinaire et multisectorielle. Elle implique Ă©galement une vision complĂ©mentaire des champs dâaction aux Ă©chelles locale, rĂ©gionale, nationale et europĂ©enne. Cette coordination favorise dans le systĂšme fĂ©dĂ©ral allemand un dĂ©veloppement de coopĂ©rations, dâĂ©changes dâinformations et de bonnes pratiques, sur le plan transrĂ©gional comme sur le plan national et transnational.En Alemania, las formas de intervenciĂłn pĂșblica son muy diversas (subvenciones puntuales o regulares, legislaciĂłn a propĂłsito de los derechos de autores, fiscalidad, participaciĂłn a organismos de derecho privado, etc.). Las mayores ciudades que administran grandes establecimientos culturales (museos, operas, orquestras, teatros), consumen une parte considerable de su presupuesto para estas instituciones, mientras la ciudades pequeñas o de medio tamaño ayudan mas a las actividades relacionadas con la animaciĂłn cultural. La Ășnica garantĂa de autonomĂa es el acceso a una pluralidad de fuentes de financiaciĂłn publica (diferentes niveles de gobierno, organismos pĂșblicos) y privada (personas, empresas, publicidad, etc.). El compromiso financiero de los poderes pĂșblicos se justifica solo si permite alcanzar propĂłsitos de utilidad social tales como pluralismo cultural, democracia cultural, equilibrio geogrĂĄfico y social, apoyo a la innovaciĂłn y la experimentaciĂłn, protecciĂłn del patrimonio, etc.). La regulaciĂłn pĂșblica debe permitir que sean fijadas unas normas para repartir los recursos financieros, entre inversores privados y pĂșblicos, y entre el gobierno central y las colectividades. Poco a poco, la polĂtica de conservaciĂłn del patrimonio es integrada a un proyecto global de desarrollo (social, pedagĂłgico, cultural, geogrĂĄfico). Esta concepciĂłn del patrimonio, de sus usos y implicaciones, permite reforzar las cooperaciones, al nivel de la legislaciĂłn y al nivel de las instituciones. Se elaboraron soluciones originales, gracias a organismos de consultaciĂłn y de concertaciĂłn, entre socios de un mismo proyecto. El anĂĄlisis de la complejidad alemana permite ver que se necesita reforzar la coordinaciĂłn pluridisciplinar y multisectorial. Implica tambiĂ©n una visiĂłn complementaria de las acciones a los niveles locales, regionales, nacionales y europeos. Tal coordinaciĂłn favorece en el sistema federal alemĂĄn el desarrollo de cooperaciĂłn, intercambios de informaciones y de modos de hacer, a los niveles transregional, nacional, y transnacional.CharlĂ©ty VĂ©ronique. Politique du patrimoine en Allemagne : un fĂ©dĂ©ralisme de coopĂ©ration. In: Culture & MusĂ©es, n°9, 2007. pp. 69-98
Le voyage de Louis XIII Ă Lyon en 1622. Ătude sur les relations de Lyon et du pouvoir central au dĂ©but du XVIIe siĂšcle (1595-1622)
CharlĂ©ty S. Le voyage de Louis XIII Ă Lyon en 1622. Ătude sur les relations de Lyon et du pouvoir central au dĂ©but du XVIIe siĂšcle (1595-1622). In: Revue d'histoire moderne et contemporaine, tome 2 N°4,1900. pp. 345-367
M. de MarcĂšre, Le Seize-Mai et la fin du septennat, Paris, 1900
Charléty S. M. de MarcÚre, Le Seize-Mai et la fin du septennat, Paris, 1900. In: Revue d'histoire moderne et contemporaine, tome 2 N°6,1900. pp. 637-638
Henry Berton, L'Ă©volution constitutionnelle du second Empire (doctrines, textes, histoire), Paris, 1900
Charléty S. Henry Berton, L'évolution constitutionnelle du second Empire (doctrines, textes, histoire), Paris, 1900. In: Revue d'histoire moderne et contemporaine, tome 2 N°1,1900. pp. 90-92
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