Are Prices Really Affected by Mergers?

During the 80s, several empirical studies have shown a positive correlation between concentration, prices and profits. It is well known that these estimates all suffer from simultaneity bias: market structure and prices are affected by common factors, some of which are not observable, which rules out any causal interpretation of cross-sectional correlations. Mergers are an interesting instrument to identify the (static) impact of concentration on prices, since they induce breaks in strategic interactions between actors. The few ex post studies on mergers that are currently available are difficult to generalize, because they pertain to specific markets. This study looks more systematically to selling prices in 63 sectors observed between 1989 and 2002. The approach that has been chosen is a difference in differences approach, applied to price movements around mergers. The rate of inflation in a sector where a merger has occurred is compared to a counterfactual. In a simple framework, in line with previous studies (McCabe 2002), this counterfactual would be built as the mean of inflation rates in other sectors. This paper focuses on more relevant estimates, provided by a factor model. This methodology allows tracking the profile of prices around mergers. We separate mergers between French firms and mergers between other European firms controlled by European authorities (and thus assumed to have affected the common market). We also distinguish mergers having led to an in-depth inquiry by competition authorities (« phase 2 ») and those benefiting from a shorter procedure (« phase 1 »). We observe an acceleration of price movements around the most important of French mergers, but not for the ones authorized under phase 1. We also observe a break in price movements for mergers between foreign firms examined by the European Commission, generally in the other direction.mergers, prices, factor models

Governo del territorio e pianificazione spaziale

Per insediarsi e convivere stabilmente le società umane organizzano e controllano lo spazio. Devono cioè distribuire le attività e gli edifici che le accolgono, distinguere i luoghi destinati alle attività private da quelli destinati alle attività comuni, consentire gli spostamenti, regolamentare la costruzione di edifici e infrastrutture. Da sempre lo strumento usato per l'organizzazione e il controllo dello spazio è il piano. La pianificazione spaziale è dunque il sapere tecnico che elabora gli strumenti e le modalità di configurazione dello spazio: modelli insediativi, piani, parametri e regole d'uso del suolo, progetti. Il governo del territorio - espressione che dal 2001 ha sostituito il termine "urbanistica" nella Costituzione italiana - è il processo decisionale col quale il potere politico assegna i diritti d'uso e di trasformazione del suolo, servendosi della pianificazione spaziale. In un tempo d'incertezza e, per molti aspetti, di crisi della cultura della pianificazione spaziale, accademica e professionale, questo manuale mette in evidenza le ragioni e le funzioni sociali, economiche e istituzionali dei piani e dei sistemi di governo del territorio, e ne descrive criticamente caratteri e contenuti attraverso l'esame di casi italiani e stranieri, antichi e recenti. Il manuale è articolato in quattro parti. Con un termine tradizionale, le prime due potrebbero definirsi "fondamenti" perché trattano le questioni su cui si fondano il governo del territorio e la pianificazione spaziale. La terza parte affronta i temi e i metodi tecnici della pianificazione spaziale; la quarta le forme istituzionali e le pratiche di governo del territorio a diverse scal

New methods for quasi-interpolation approximations: resolution of odd-degree singularities

In this paper, we study functional approximations where we choose the so-called radial basis function method and more specifically, quasi-interpolation. From the various available approaches to the latter, we form new quasi-Lagrange functions when the orders of the singularities of the radial function's Fourier transforms at zero do not match the parity of the dimension of the space, and therefore new expansions and coefficients are needed to overcome this problem. We develop explicit constructions of infinite Fourier expansions that provide these coefficients and make an extensive comparison of the approximation qualities and - with a particular focus - polynomial precision and uniform approximation order of the various formulae. One of the interesting observations concerns the link between algebraic conditions of expansion coefficients and analytic properties of localness and convergence

Optimising the management of vaginal discharge syndrome in Bulgaria: cost effectiveness of four clinical algorithms with risk assessment

OBJECTIVES: To evaluate the performance and cost effectiveness of the WHO recommendations of incorporating risk-assessment scores and population prevalence of Neisseria gonorrhoeae (NG) and Chlamydia trachomatis (CT) into vaginal discharge syndrome (VDS) algorithms. METHODS: Non-pregnant women presenting with VDS were recruited at a non-governmental sexual health clinic in Sofia, Bulgaria. NG and CT were diagnosed by PCR and vaginal infections by microscopy. Risk factors for NG/CT were identified in multivariable analysis. Four algorithms based on different combinations of behavioural factors, clinical findings and vaginal microscopy were developed. Performance of each algorithm was evaluated for detecting vaginal and cervical infections separately. Cost effectiveness was based on cost per patient treated and cost per case correctly treated. Sensitivity analysis explored the influence of NG/CT prevalence on cost effectiveness. RESULTS: 60% (252/420) of women had genital infections, with 9.5% (40/423) having NG/CT. Factors associated with NG/CT included new and multiple sexual partners in the past 3 months, symptomatic partner, childlessness and >or=10 polymorphonuclear cells per field on vaginal microscopy. For NG/CT detection, the algorithm that relied solely on behavioural risk factors was less sensitive but more specific than those that included speculum examination or microscopy but had higher correct-treatment rate and lower over-treatment rates. The cost per true case treated using a combination of risk factors, speculum examination and microscopy was euro 24.08. A halving and tripling of NG/CT prevalence would have approximately the inverse impact on the cost-effectiveness estimates. CONCLUSIONS: Management of NG/CT in Bulgaria was improved by the use of a syndromic approach that included risk scores. Approaches that did not rely on microscopy lost sensitivity but were more cost effective

Does One Size Fit All? Drug Resistance and Standard Treatments: Results of Six Tuberculosis Programmes in Former Soviet Countries.

SETTING: After the collapse of the Soviet Union, countries in the region faced a dramatic increase in tuberculosis cases and the emergence of drug resistance. OBJECTIVE: To discuss the relevance of the DOTS strategy in settings with a high prevalence of drug resistance. DESIGN: Retrospective analysis of one-year treatment outcomes of short-course chemotherapy (SCC) and results of drug susceptibility testing (DST) surveys of six programmes located in the former Soviet Union: Kemerovo prison, Russia; Abkhasia, Georgia; Nagorno-Karabagh, Azerbaijan; Karakalpakstan, Uzbekistan; Dashoguz Velayat, Turkmenistan; and South Kazakhstan Oblast, Kazakhstan. Results are reported for new and previously treated smear-positive patients. RESULTS: Treatment outcomes of 3090 patients and DST results of 1383 patients were collected. Treatment success rates ranged between 87% and 61%, in Nagorno-Karabagh and Kemerovo, respectively, and failure rates between 7% and 23%. Any drug resistance ranged between 66% and 31% in the same programmes. MDR rates ranged between 28% in Karakalpakstan and Kemerovo prison and 4% in Nagorno-Karabagh. CONCLUSION: These results show the limits of SCC in settings with a high prevalence of drug resistance. They demonstrate that adapting treatment according to resistance patterns, access to reliable culture, DST and good quality second-line drugs are necessary

On the equivalence of game and denotational semantics for the probabilistic mu-calculus

The probabilistic (or quantitative) modal mu-calculus is a fixed-point logic de- signed for expressing properties of probabilistic labeled transition systems (PLTS). Two semantics have been studied for this logic, both assigning to every process state a value in the interval [0,1] representing the probability that the property expressed by the formula holds at the state. One semantics is denotational and the other is a game semantics, specified in terms of two-player stochastic games. The two semantics have been proved to coincide on all finite PLTS's, but the equivalence of the two semantics on arbitrary models has been open in literature. In this paper we prove that the equivalence indeed holds for arbitrary infinite models, and thus our result strengthens the fruitful connection between denotational and game semantics. Our proof adapts the unraveling or unfolding method, a general proof technique for proving result of parity games by induction on their complexity

Governo del territorio e pianificazione spaziale

Per insediarsi e convivere stabilmente le società umane organizzano e controllano lo spazio. Devono cioè distribuire le attività e gli edifici che le accolgono, distinguere i luoghi destinati alle attività private da quelli destinati alle attività comuni, consentire gli spostamenti, regolamentare la costruzione di edifici e infrastrutture. Da sempre lo strumento usato per lʼorganizzazione e il controllo dello spazio è il piano. La pianificazione spaziale è dunque il sapere tecnico che elabora gli strumenti e le modalità di configurazione dello spazio: modelli insediativi, piani, parametri e regole dʼuso del suolo, progetti. Il governo del territorio ‒ espressione che dal 2001 ha sostituito il termine «urbanistica» nella Costituzione italiana ‒ è il processo decisionale col quale il potere politico assegna i diritti dʼuso e di trasformazione del suolo, servendosi della pianificazione spaziale. In un tempo dʼincertezza e, per molti aspetti, di crisi della cultura della pianificazione spaziale, accademica e professionale, questo manuale mette in evidenza le ragioni e le funzioni sociali, economiche e istituzionali dei piani e dei sistemi di governo del territorio, e ne descrive criticamente caratteri e contenuti attraverso lʼesame di casi italiani e stranieri, antichi e recenti

Qualité du bois de six essences du maquis méditerranéen

L étude des caractéristiques physico-mécaniques du bois de six essences du maquis, ainsi qu un essai de tournage conduit par une petite entreprise spécialisée, a montré que certaines utilisations (tournage, menuiserie fine) permettent une bonne valorisation des bois du maquis, et que ceux-ci peuvent rivaliser par leur finition, leur dureté et leur bel aspect avec de nombreux bois tropicaux importés