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

How to sell to buyers with crossholdings

This paper characterizes the optimal selling mechanism in the presence of horizontal crossholdings. We find that this mechanism imposes a discrimination policy against the stronger bidders so that the seller´s expected revenue is increasing in both the common crossholding and the degree of asymmetry in crossholdings. Furthermore, it can be implemented by a sequential procedure that includes a price-preferences scheme and the possibility of an exclusive deal with the weakest bidder. We also show that a simple sequential negotiation mechanism, although suboptimal, yields a larger seller´s expected revenue than both the first-price and the second-price auctions

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

Are amyloids infectious? Prions and prion-like proteins: myths and facts

Transmissible Spongiform Encephalopathies (TSEs) or prion diseases are a group of fatal neurodegenerative disorders affecting mammals. Albeit their low incidence in humans, prion diseases are a subject of passionate research due to their unorthodox mechanisms of transmission mediated by misfolded proteins, and the zoonotic potential of Bovine Spongiform Encephalopathy (BSE or “mad cow” disease). Importantly, prion diseases in deer and sheep can be prevalent and persistent, raising important concerns in terms of public health due to their uncontrolled spread and possible transmission to humans. Importantly, the accumulation of misfolded protein aggregates is not an exclusive feature of TSEs, but also present in several other pathological conditions including Alzheimer’s Disease (AD), Parkinson´s disease, type-2 diabetes, and others. Recent reports suggest that the spread of misfolded proteins and further pathological features in these diseases operates in a similar manner as seen for infectious prions. This has opened controversial and prolific lines of investigation that are currently being explored by several research groups around the world. In this presentation, I will focus on recent advances for prion detection in Chronic Wasting Disease (CWD), a TSE of cervids. In addition, mechanistic aspects of CWD transmission will be discussed, including horizontal and environmental transmission, role of prion protein polymorphisms in prion strain variation, and others. The second part of my talk will center on our research exploring whether features that define prions as infectious agent exist on AD’s amyloid-β. Specifically, the possibility of inter-individual transmission, presence of conformational strain variation, etc. on misfolded amyloid-β will be discussed. My aim in this talk is to highlight the common mechanisms of spread for prions and amyloid-β, and suggest common strategies for early diagnosis based in the prion-principle.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

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.Optimal auctions, Takeovers, Toeholds, Asymmetric auctions

How to sell to buyers with crossholdings

This paper characterizes the optimal selling mechanism in the presence of horizontal crossholdings. We find that this mechanism imposes a discrimination policy against the stronger bidders so that the seller´s expected revenue is increasing in both the common crossholding and the degree of asymmetry in crossholdings. Furthermore, it can be implemented by a sequential procedure that includes a price-preferences scheme and the possibility of an exclusive deal with the weakest bidder. We also show that a simple sequential negotiation mechanism, although suboptimal, yields a larger seller´s expected revenue than both the first-price and the second-price auctions.

Mass spectra of the particle-antiparticle system with a Dirac oscillator interaction

The present view about the structure of mesons is that they are a quark-antiquark system. The mass spectrum corresponding to this system should, in principle, be given by chromodynamics, but this turns out to be a complex affair. Thus it is of some interest to consider relativistic systems of particle-antiparticle, with a simple type of interaction, which could give some insight on the spectra we can expect for mesons. This analysis is carried out when the interaction is of the Dirac oscillator type. It is shown that the Dirac equation of the antiparticle can be obtained from that of the particle by just changing the frequency omega into -omega. Following a procedure suggested by Barut, the equation for the particle-antiparticle system is derived and it is solved by a perturbation procedure. Thus, explicit expressions for the square of the mass spectra are obtained and its implications in the meson case is discussed