19 research outputs found
The dynamics of durable goods markets: rational expectations and sticky prices
This paper studies price dynamics in a durable good market under the assumption that consumers have rational expectations on future prices. For a wide variety of expectations, optimal consumption plans result in sticky-price demand functions. Market dynamics are characterized by intertemporal price discrimination which provides a possible explanation for the declining path of price observed in many "young" industries. Unexpected shocks on demand result in price overshooting, while unexpected supplyshocks have the opposite effect on price
The dynamics of durable goods markets: rational expectations and sticky prices.
This paper studies price dynamics in a durable good market under the assumption that consumers have rational expectations on future prices. For a wide variety of expectations, optimal consumption plans result in sticky-price demand functions. Market dynamics are characterized by intertemporal price discrimination which provides a possible explanation for the declining path of price observed in many "young" industries. Unexpected shocks on demand result in price overshooting, while unexpected supplyshocks have the opposite effect on price.Durable Goods; Rational Expectations; Sticky Prices; Interıtemporal; Overshooting;
Competencia tecnolĆ³gica y estrategia: una panorĆ”mica
Este trabajo es una revisiĆ³n crĆtica de la literatura acerca de los efectos del aprendizaje tecnolĆ³gico-autĆ³nomo e inducido-sobre la estrategĆa de las empresas en un oligopolio
Why are there merger waves?
This paper develops a model of the timing of merger waves based on the investment opportunityı synergy (lOS) hypothesis. The model reveals some important weaknesses on the presumedı implications of IOS and suggests that changes in the institutional framework may be responsibleı for the long-term changes in merger activity. The analysis of FTC "Large Firm" Merger andı Acquisitions time series gives additional support to these conclusions
Restricciones financieras a la inversiĆ³n causadas por el riesgo de quiebra
Este artĆculo estudia los efectos de las condiciones financieras de las empresas sobre su comportamiento inversor. La hipĆ³tesis sostenida es que los fenĆ³menos financieros pueden influir sobre las variables reales y en concreto, se estudia cĆ³mo la instituciĆ³n de la responsabilidad limitada puede ser el mecanismo a travĆ©s del cual se produce esta influencia. La posibilidad de que una empresa no cumpla sus compromisos financieros traslada los riesgos de las inversiones en el sector real de la economĆa a los agentes del sector financiero lo que, a su vez, puede originar que el coste de los recursos financieros se ajuste segĆŗn los costes de quiebra e impago asociados a las inversiones que realiza cada empresa. En este trabajo se contrasta, para una muestra de empresas espaƱolas, un modelo de inversiĆ³n donde el coste de los recursos ajenos recibidos par las empresas se ajusta a la probabilidad de que la empresa quiebre y no cumpla con sus obligaciones financieras, no rechazĆ”ndose frente al modelo neoclĆ”sico de inversiĆ³n
Environmental costs of residuals: a characterization of efficient tax policies.
Durable goods leave residuals after being retired from use. If the environmental costs of the residuals are external to consumers and producers of the good, then overproduction and excess residuals will result. Ad valorem taxes are show to be ineffective in eliminating this externality. The efficient regulatory policy is shown to be based on a pigouvian tax.Externalities; Pollution control; Optimal taxation; Durable goods; Residuals;
The role of banks in relaxing financial constraints: some evidence on the investment behavior of spanish firms
There is a growing body of evidence in the literature suggesting that the financial healh of a finn is likely to
affect its investment behavior. This sort of capital market imperfection is often attributed to information
problems that typically arise when deht and equity are diffusely held and no individual investor has an incentive
to monitor the firm. We find that the neoclassical il1\'estll1ent model cannot be rejected for a sample of Spanish
finns with a close bank relationship while it is r~iected for the subsample made up with the remaining firms.
An augmented model incorporating horrowing constraints yields the opposite results. These results suggest that
banks may play a role in alleviating capital market imperfectios in Spain. A second finding is that the effects
of borrowing constraints in the augmented model vary only with the firm's cash now, but not with the asset
liquidity or the tirn:'s financial health
Environmental costs of residuals: a characterization of efficient tax policies
Durable goods leave residuals after being retired from use. If the environmental costs of the residuals are external to consumers and producers of the good, then overproduction and excess residuals will result. Ad valorem taxes are show to be ineffective in eliminating this externality. The efficient regulatory policy is shown to be based on a pigouvian tax
Fusiones, adquisiciones y separaciones : teorĆas y evidencia en EspaƱa y en EEUU
Este artĆculo hace un resumen de la literatura sobrefusiones y separaciones. Existen dos enfoques opuestos sobre la naturaleza de las fusiones y separaciones dependiendo de si se supone o no la eficiencia del mercado. Presentamos las principales ideas de estos enfoques y discutimos su consistencia con la evidencia empĆrica.-----------------------------------------------------------------------This article surveys the economic literature on mergers and spinoffs. There are two opposed views of the nature
or mergers and spinoffs depending on wether the efficiency offinancial markets is assumed or noto We present
the main ideas in both views ofthe issue and discuss its consistency with the empirical evidence.Publicad
Preliminary Evidence on Takeover Target Returns in Spain: A Note
This paper measures the share price returns to Spanish takeover targets over the period 1990 to 1994. Using several estimation and testing methods, we show that target shareholders gain significant abnormal returns in the announcement period. In the first part of the year before the announcement period, firms that become targets do not show significant abnormal returns, though there is some significant upturn in the two months before the bid.Publicad