Excess Returns in Electric Utility Mergers During Transition to Competition

A standard event methodology is used to evaluate recent electric utility mergers as the industry moves to competitive generation markets. Statistically significant effects were focused on the day before the announcement and the day of the announcement, and were fairly small, although statistically significant. Shareholders perceive very little merger benefits occurring in a highly competitive generation sector. Markets reacted more positively to the gas/electric mergers, indicating stockholder appreciation for opportunities for scope economies. U.S. acquirers suffered no significant wealth losses in mergers with British and Australian utilities.     

Evaluating Mergers in the Australian Petroleum Industry

We study the effects of mergers in the Australian petroleum industry during 1980–1994. The effect on the profitability of both the merging and non–merging firms is estimated. There is robust evidence that mergers have been associated with a decrease in profitability for all firms. Thus, the results are not consistent with the view that mergers have acted primarily to increase market power or that they have acted primarily to increase efficiency. There is some support for the more complicated view that mergers have both increased market power and decreased efficiency, with the latter effect dominating.     

Gas Utility Prices in a Restructured Industry

The natural gas industry has witnessed significant policy changes since 1978. The Federal Energy Regulatory Commission has undertaken a number of policy initiatives designed to promote competition in the natural gas industry. These initiatives have affected both natural gas pipeline and local gas distribution companies. This study provides an empirical examination of the impact of restructuring on local gas distribution utilities' residential, commercial, and industrial prices.     

Deregulation,Mergers, and Employment in the Railroad Industry

Since 1978, there have been dramatic changes in the railroad industry with partial deregulation, a massive consolidation of firms, a reduction in the size of the rail network, and a dramatic reduction in employment. In this paper, we focus on the effects of deregulation, a change in the traffic characteristics, miles of road, and consolidation, on employment by Class I railroads. We develop and estimate a model that allows these effects to be identified, finding that the largest employment declines emanate from the direct effect of partial deregulation, while smaller, but still large, employment declines emanate from mergers and changes in traffic mix.     

The Effect of Mergers and Acquisitions on the Technological Performance of Companies in a High-tech Environment

A large part of the literature from industrial organization and management expects that, compared with unrelated M&As, related M&As show superior economic performance because of synergetic effects that follow from economies of scale and scope. The current contribution takes the debate on the effect of different M&As somewhat further by studying the effect of M&As on the technological performance of companies. In this study the technological performance of M&As is related to a hightech sector, i.e. the international computer industry. The main result of this research is that the so-called strategic and organizational fit between companies involved in M&As seem to play an important role in improving the technological performance of companies     

水泥企业并购的财务风险识别与控制

当前,并购重组已成为国内知名水泥企业做大做强的战略选择,但企业并购重组过程中不可避免地存在企业并购的风险,由于信息的不对称性、外部环境的不确定性、经营管理活动的复杂性和企业自身能力的有限性而导致企业并购后达不到预期的经济效益,甚至给并购之后企业的经营活动留下隐患。并购风险贯穿于整个并购活动,作为企业并购成功关键因素的财务风险应该引起我们足够的重视,能否识别、规避和控制并购中的财务风险,决定着并购的成败。     

The Strategic Management of Mergers and Acquisitions in the Pharmaceutical Industry: Developing a Resource-based Perspective

There is a growing recognition within resource-based theory that mergers and acquisitions (M&A) can play an important role as a means of transferring otherwise non-marketable resources and capabilities. However, this resource-based view has yet to consider in detail the management process issues involved. This paper looks at three cases from the pharmaceutical industry and seeks to begin the development of a resource-based perspective on the management of M&A.     

Falling Water: The Origins of Direct Federal Participation in the US Electric Utility Industry, 1902–1933

The federal government's role as a direct producer in a non-defense, non-distressed American industry is unique to electric power. This participation arose during the first three decades of the twentieth century; it was politically controversial then and remains so today. We seek to explain how and why the federal government got into the electric utility business. The convergence of technological, economic, and political forces paved the way for federal participation. The growth of long-distance transmission networks and the success of the Progressive movement were important factors. Because so many dam sites with hydroelectric potential were on public lands in western states, and because hydroelectricity could help pay for those dams, even conservative Republicans like Herbert Hoover came to accept the involvement of the federal government. After the election of Franklin D. Roosevelt in 1932, the federal government accepted the task with enthusiasm as part of a plan for the economic development of entire river basins.     

电力行业中的规制改革

20世纪70年代后期，大量智力、政治和经济发展因素开始融合并持续到整个80年代，已经引起了传统的自然垄断观点的根本性变革。这些近来的变革包括：(1)对国家公共事业制起源的观点修正；(2)在理论和经验上对电力行业的自然垄断提出挑战；(3)在回报率规制(RORR)下；(4)政府使用所有权和规制，在经济上的规文已经遍及全世界，并弱化了对改革的政治对立。     

政府产业重组规划、信号博弈与企业兼并行为

文章以2009年我国腾中重工公司兼并通用公司"悍马"品牌为现实索引,为水平兼并不存在"整合效应"的负盈利资产提供两种基于信号博弈的理论解释.第一种解释基于限制性定价的思路,说明在成本信息不对称的企业进行产量竞争背景下和在一定的市场环境下,总会对应一定负盈利水平的资产,使得低成本类型企业宁愿选择收购非盈利资产,以向竞争者显示其成本类型而得益.另一种解释引入政府推进产业重组的因素,当高效重组不同成本类型企业的概率条件和资产负盈利水平满足一定条件时,存在使低成本类型企业选择收购非盈利资产,以避免在产业重组中可能被低效兼并的分离均衡.     

Analyzing Gas and Electric Convergence Mergers: A Supply Curve is Worth a Thousand Words

The recent trend toward convergence mergers between gas and electric utilities raises questions regarding merger analysis. Standard concentration measures do not capture adequately the ability of the merged firm to raise rivals' costs or impede their access to natural gas supplies. Estimating electricity supply curves for various time periods gives analysts an additional tool for predicting future market outcomes.     

Time Series Analysis of Deregulatory Dynamics and Technical Efficiency: The Case of the U.S. Airline Industry

As markets worldwide become less regulated, it becomes increasingly possible and timely to establish the presence of an empirical relationship between technical efficiency and market forces compelling agents to economize. This article, taking an innovative approach to test the hypothesis that competitive pressure enhances efficiency, constructs a methodology to examine time series of technical efficiency indices for cointegration and convergence. A panel of U.S. airlines, observed quarterly between 1970 and 1990, is used as a case study. Cointegration results are suggestive of long-run relationships between carriers; furthermore, convergence tests document less dispersion in firm performance over time.     

我国电力产业环境效率评价

电力产业的高能耗和重污染,决定了其在我国节能减排与发展低碳经济中的重要性。而对电力产业的环境效率进行评价,则有利于更加科学的制定电力产业节能减排政策。本文利用评价环境效率的DEA模型,分别在可变规模报酬和不变规模报酬两种情形下,对中国30个省区2000-2007年的电力业环境效率进行了评价,结果表明我国电力业环境效率整体处于下降趋势,但规模报酬的变化对不同地区电力业环境效率的影响不同。这表明在减排政策方面,应继续增强环境保护政策支持力度、调整能源结构,同时兼顾地区间的差异性。     

中国民航业放松管制改革效果的实证分析

针对改革开放以来中国民航业的发展状况,利用1985～2008年的时间序列数据,对中国民航业放松管制的效果进行了实证检验,结果表明:放松管制对航空运输总量的增长有显著的正向影响,与市场实际价格和航空公司的运营成本呈负相关,而由于放松管制带来的行政管理力量的削弱,对行业服务质量的提高带来了负影响.民航业应继续深化管制改革,逐步放松价格和进入等经济性管制,加强社会性管制,通过竞争机制提高国际竞争力.     

中国电力产业的融资选择

我国电力产业由于多年的改革，已存在多种融资方式，这些融资方式极大地促进了电力产业的发展。电力要发展，要采取多种融资方式的组合形式，对具有垄断性的电网融资要以国家政策性融资为主，对于电力生产的融资则要采取内源融资与外源融资，直接融资与间接融资的组合。从而使电力产业由过去单一的国家投资转变为多行业、多渠道、多种所有制形式的共同投资，实现多元投资与分层控制相结合。     

生态环境与第三产业

与工业污染相比,第三产业发展对环境的影响和破坏相对较弱。但随着经济发展水平的提高和第三产业的迅速发展,其对环境的影响和破坏也越来越突出,并直接影响着人们的身心健康,不可熟视无睹。本文从分析第三产业发展对环境的影响和破坏的种种表现入手,论述了其原因,提出了发展环保型第三产业和实施对策,无疑将对我国经济社会可持续发展是一个有力促进。     

环保产业发展探析

我国环保产业近年来发展较快，但与我国经济社会发展的要求及国际环保产业的先进水平，仍有不小的差距。本文分析了我国环保产业存在的主要问题，提出了加怏我国环保产业发展的对策建议。     

中国电力产业重组中的市场势力问题研究

在我国电力产业重组、形成新的电力产业结构的同时 ,又产生了一系列新的市场势力问题。文章界定了电力产业重组中发、输、配电各领域的市场势力问题 ,并找出了合适的政策工具和监管体制来解决这些问题