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

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.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.

Eficiencia Bancaria en Chile: un Enfoque de Frontera de Beneficios

This paper characterizes the evolution of the efficiency X in the Chilean banking industry over 1987 to 2007, based on a profit frontier approach. Our results suggest that over this period the Chilean banking sector has attained just a 15% over its maximum profits. This inefficiency basically arises from a technical source rather than an assignative one, and mainly affects domestic and small banks. Nevertheless, the level of efficiency X of the industry as a whole has dramatically improved since the late 1990’s, which is consistent with important economic, technological and regulatory transformations.

Marketing interno y compromiso organizacional en los colaboradores de la empresa Motored en el distrito de Ate Vitarte, 2018

La investigación fue titulada “Market ing interno y compromiso organizacional en los colaboradores de la empresa Motored en el distrito de Ate Vitarte, 2018”, cuyo objet ivo fue determinar la relación que existe entre Marketing interno y compromiso organizacional en los colaboradores de la empresa Motored en el distrito de Ate Vitarte, 2018, esta investigación entonces fue de condición aplicada porque se encontró disolución a los obstáculos frente a una medida de exploración condición descriptivo- correlacional con un diseño no empírico, en donde los cuestionarios son válidos según normas de profesionales, su cuantificación mediante el Alpha de Cronbach y se aplicó el compuesto estadístico SPSS23.Se tomó las teorías de Barranco (2000) Y Colquitt (2007). Para poder medir todo Marketing intrínseco y responsabilidad organizacional en los colaboradores de Motored en el territorio de Ate Vitarte se tomó a una cantidad de 30 colaboradores, Se interpretó y se analizó el factor Marketing central, indicando que es bueno. Igualmente, se analizó el factor responsabilidad organizacional indicando que es muy bueno. También, en cuanto a los resultados en la observación estadísticos alcanzados con la investigación Rho Spearman se logró una reciprocidad moderada en un 0.470**, lo cual demuestra que un marketing intrínseco adecuado conlleva a una responsabilidad organizacional

Banking Efficiency in Chile: a Profit Frontier Approach

This paper characterizes the evolution of the efficiency X in the Chilean banking industry over 1987 to 2007, based on a profit frontier approach. Our results suggest that over this period the Chilean banking sector has attained just a 15% over its maximum profits. This inefficiency basically arises from a technical source rather than an assignative one, and mainly affects domestic and small banks. Nevertheless, the level of efficiency X of the industry as a whole has dramatically improved since the late 1990’s, which is consistent with important economic, technological and regulatory transformations.

La gestión administrativa y su incidencia en la productividad laboral de la empresa EPSSA S.R.L. Funeraria “Mello”, de la ciudad de Tarapoto, durante el primer semestre del 2015

El Análisis de Gestión Administrativa se ha considerado como la técnica capaz de realizar el estudio y análisis de la organización, en cada una de sus áreas y proporcionar soluciones a las irregularidades halladas, por lo cual se considera que el conocimiento de la misma es indispensable para la formación académica y para el desarrollo profesional de los Administradores. Las actividades gerenciales, enmarcadas dentro de la globalización y la competitividad existente, necesitan revitalizarse y nutrirse de herramientas que le garanticen la eficiencia y el éxito en cada una de las áreas de la organización. De mantenerse una actitud pasiva y renuente a los cambios que experimenta su entorno, las empresas tenderán paulatinamente, pero de forma sostenida, a desaparecer. Es muy conocida también, la necesidad sugerida por muchos autores de realizar un Análisis de la Gestión Administrativa con la finalidad de hacer una evaluación integral y conocer el estado en que se encuentra la empresa. A través de esta herramienta es posible evitar cualquier desperdicio de tiempo y evaluar los grados de eficiencia y efectividad de los sistemas de control interno, propios de la organización. También es posible afirmar, que el Análisis de Gestión Administrativa pone en evidencia aquellas áreas problemáticas y las debilidades que existen dentro de la empresa.Analysis of Administrative Management has considered a technique capable of performing the organization study and analysis, in each of their areas and provide solutions to those found irregularities, therefore, it is considered that the knowledge of the same is indispensable for the academic formation and for the professional development of the Administrators. Management activities, framed within the existing globalization and competitiveness, need revitalization and nourishment of tools to ensure efficiency and success in each of the areas of the organization. To remain a passive and reluctant to the changes in their environment attitude, companies tend gradually but steadily, to disappear. It is well known also the need suggested by many authors make an analysis of administrative management in order to make a comprehensive assessment and know the state in which the company is located. Through this tool it is possible to avoid any waste of time and assess the degree of efficiency and effectiveness of internal systems, organization's own control. It is also possible to say that the Administrative Management Analysis highlights those problem areas and weaknesses that exist within the company.TesisAp

Search for dark matter produced in association with bottom or top quarks in √s = 13 TeV pp collisions with the ATLAS detector

A search for weakly interacting massive particle dark matter produced in association with bottom or top quarks is presented. Final states containing third-generation quarks and miss- ing transverse momentum are considered. The analysis uses 36.1 fb−1 of proton–proton collision data recorded by the ATLAS experiment at √s = 13 TeV in 2015 and 2016. No significant excess of events above the estimated backgrounds is observed. The results are in- terpreted in the framework of simplified models of spin-0 dark-matter mediators. For colour- neutral spin-0 mediators produced in association with top quarks and decaying into a pair of dark-matter particles, mediator masses below 50 GeV are excluded assuming a dark-matter candidate mass of 1 GeV and unitary couplings. For scalar and pseudoscalar mediators produced in association with bottom quarks, the search sets limits on the production cross- section of 300 times the predicted rate for mediators with masses between 10 and 50 GeV and assuming a dark-matter mass of 1 GeV and unitary coupling. Constraints on colour- charged scalar simplified models are also presented. Assuming a dark-matter particle mass of 35 GeV, mediator particles with mass below 1.1 TeV are excluded for couplings yielding a dark-matter relic density consistent with measurements