16,257 research outputs found
On bidding markets: the role of competition
This paper analyzes the effects of industrial concentration on bidding behaviour
and hence, on the seller´s expected proceeds. These effects are studied under
the CIPI model, an affiliated value set-up that nests a variety of valuation and
information environments. We formally decompose the revenue effects coming
from less competition into four types: a competition effect, an inference effect, a
winner´s curse effect and a sampling effect. The properties of these effects are
discussed and conditions for (non) monotonicity of both the equilibrium bid and
revenue are stated. Our results suggest that it is more likely that the seller
benefits from less competition in markets with more complete valuation and
information structures
Optimal takeover contests with toeholds
This paper characterizes how a target firm should be sold when the possible
buyers (bidders) have prior stakes in its ownership (toeholds). We find that the
optimal mechanism needs to be implemented by a non-standard auction which
imposes a bias against bidders with high toeholds. This discriminatory
procedure is such that the target´s average sale price is increasing in both the
size of the common toehold and the degree of asymmetry in these stakes. It is
also shown that a simple mechanism of sequential negotiation replicates the
main properties of the optimal procedure and yields a higher average selling
price than the standard auctions commonly used in takeover battles
Supersymmetric effects in rare semileptonic decays of B and K mesons
Rare flavour-changing neutral-current transitions of the type and are analysed
in supersymmetric extensions of the Standard Model with generic flavour
couplings. It is shown that these processes are particularly sensitive to the
left--right mixing of the squarks and that, in the presence of non-universal
terms, they could lead to unambiguous signatures of new physics in
exclusive and meson decays.Comment: 15 pages, Latex, invited talk at RADCOR 2000 (Carmel CA, USA, Sept.
2000
Theory of radiative and rare B decays
We present a concise theoretical overview of radiative and rare B decays
mediated by flavour-changing neutral-current transitions of the type
b->s(d)gamma and b->s(d)l+l-.Comment: 7 pages, 4 figures. Talk given at 9th International Conference on B
Physics at Hadron Machines (Beauty 2003), Pittsburgh, Pennsylvania, 14-18 Oct
200
Effective theories of electroweak symmetry breaking
We present a brief review of recent attempts to construct effective theories
to describe the breaking of the electroweak symmetry in extensions of the
Standard Model with new strongly interacting dynamics around the TeV scale.
Particular attention is devoted to the analogies of Higgsless models with
Chiral Perturbation Theory (the low-energy limit of QCD).Comment: 12 pages, invited talk at the 6th International Workshop on Chiral
Dynamics, CD09, July 6-10, 2009, Bern, Switzerland (v2: minor typos
corrected)
Rare decays: theory vs. experiments
We present an overview of rare K, D and B decays. Particular attention is
devoted to those flavour-changing neutral-current processes of K and B mesons
that offer the possibility of new significant tests of the Standard Model. The
sensitivity of these modes to physics beyond the Standard Model and the status
of their experimental study are also discussed.Comment: 20 pages, 9 figures, invited talk at 20th International Symposium on
Lepton and Photon Interactions at High Energies, Rome, August 2001; v2 & v3:
minor modifications, few references adde
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