Ascending combinatorial auctions are being used in an increasing number of spectrum sales worldwide, as well as in other multi-item markets in procurement and logistics. Much research has focused on pricing and payment rules in such ascending auctions. However, recent game-theoretical research has shown that such auctions can even lead to inefficient perfect Bayesian equilibria with risk-neutral bidders. There is a fundamental free-rider problem without a simple solution, raising the question whether ascending combinatorial auctions can be expected to be efficient in the field. Risk aversion is arguably a significant driver of bidding behavior in high-stakes auctions. We analyze the impact of risk aversion on equilibrium bidding strategies and efficiency in a threshold problem with one global and several local bidders. Due to the underlying free-rider problem, the impact of risk-aversion on equilibrium bidding strategies of local bidders is not obvious. We characterize the necessary and sufficient conditions for the perfect Bayesian equilibria of the ascending auction mechanism to have the local bidders to drop at the reserve price. Interestingly, in spite of the free-riding opportunities of local bidders, risk-aversion reduces the scope of the non-bidding equilibrium. The results help explain the high efficiency of ascending combinatorial auctions observed in the lab. 相似文献
This paper proposes a model that allows for nonlinear risk exposures of hedge funds to various risk factors. We introduce a flexible threshold regression model and develop a Bayesian approach for model selection and estimation of the thresholds and their unknown number. In particular, we present a computationally flexible Markov chain Monte Carlo stochastic search algorithm which identifies relevant risk factors and/or threshold values. Our analysis of several hedge fund returns reveals that different strategies exhibit nonlinear relations to different risk factors, and that the proposed threshold regression model improves our ability to evaluate hedge fund performance. 相似文献
This paper deals with sibling rivalry dynamics and their impact on the succession outcome within family enterprises. While sibling rivalry plays a critical role in the succession process, there is only limited literature that addresses this important subject. This theoretical study reveals valuable insights on this topic and contributes to the existing literature. Particular attention is placed on parental behavior and attitude during childhood, sibling characteristics and the perception of parental fairness by the successors, which we advocate are the principal factors conducive not only to the emergence of rivalry among heirs but also to influencing the effectiveness of the succession outcome. 相似文献
Technical efficiency in UK maincrop potato production is measured through the estimation of a stochastic frontier production function using cross section data for the 1992 crop year. Variations in the technical efficiency index across production units are explained through a number of managerial and farm characteristic variables following Battese and Coelli (1995). The technical efficiency index across production units ranges from 33 to 97 per cent. Irrigation of the potato crop and storage of potatoes after harvest are positively correlated with technical efficiency. Number of years of experience of growing potatoes, small scale farming practice and chitting of seed potatoes are all negatively correlated with technical efficiency. 相似文献
This paper presents a model of the labour market with a contract and a spot market sector. Contracts are binding and enforceable, but unemployed contract workers are free to work in the spot market. The contracting wage is shown to be constant across states. A non‐trivial result shows that the spot market wage is increasing with product price. An increase in product price has an ambiguous effect on contract employment. An increase in unemployment benefits increases the contracting sector wage whilst stabilizing the spot market wage, and may have ambiguous effects on unemployment. 相似文献
The aim of the present paper is to investigate whether in the case of Greece and within the framework of the existing national accounting system, significantly different marginal propensities to save are attached to different income categories. We establish that the marginal propensity to save out of property income is significantly higher, in fact double, than the marginal propensity to save out of agricultural income and income from wages and salaries of the other sectors of the economy. 相似文献
In an attempt to open the black box of high-growth firms within turbulent economic environments, this paper explores the role of corporate strategy, employee human capital and R&D capabilities in achieving exceptional growth performance in a crisis-hit economy. Relative and absolute growth measures based on both employment and sales are computed utilizing survey data on 1500 firms in the midst of the Greek crisis. Our findings indicate that adopting a geographical diversification strategy significantly increases the likelihood of becoming a fast-growing firm, irrespective of the growth metric used. Entering in diverse product markets and taking advantage of R&D capabilities appear to additionally contribute to relative employment change in HGFs of smaller size. Based on the absolute employment growth indicator, we provide some evidence that HGFs of larger size are able to grow fast through product diversification, acquiring other firms or by investing on training low-skilled employees. Nevertheless, hiring already highly educated persons seems to matter only for sales HGFs, while research collaborations are found to negatively affect the probability of growing fast in terms of sales.
We examine the combined value relevance of book value of equity and net income before and after the mandatory transition to IFRS in Greece. Contrary to our expectations, we find no significant change in the explanatory power of value relevance regressions between the two periods. The coefficients on book value of equity and net income are positive and significant in both the pre-IFRS and post-IFRS periods. However, the coefficient on book value of equity is significantly greater under IFRS, whereas we find some evidence of a decrease in the coefficient on net income. Finally, we find that market participants viewed the extra information provided by reconciliations between Greek GAAP and IFRS for 2004 figures as incrementally value relevant. 相似文献
Summary. We provide simple, easy-to-test criteria for the existence of relative arbitrage in equity markets. These criteria postulate essentially that the excess growth rate of the market portfolio, a positive quantity that can be estimated or even computed from a given market structure, be sufficiently large. We show that conditions which satisfy these criteria are manifestly present in the U.S. equity market. We then construct examples of abstract markets in which the criteria hold. These abstract markets allow us to isolate conditions similar to those prevalent in actual markets, and to construct explicit portfolios under these conditions. We study in some detail a specific example of an abstract market which is volatility-stabilized, in that the return from the market portfolio has constant drift and variance rates while the smallest stocks are assigned the largest volatilities. A rather interesting probabilistic structure emerges, in which time changes and the asymptotic theory for planar Brownian motion play crucial roles. The largest stock and the overall market grow at the same, constant rate, though individual stocks fluctuate widely.We are indebted to Adrian Banner and Constantinos Kardaras for several helpful discussions; in particular, the computation of (4.27) is due to Adrian Banner. We are also grateful to Professors Chris Rogers and Marc Yor for their expert advice on the subject of planar Brownian motion, and to Professor Peter Bank for an observation that helped us correct an error in an earlier version of the paper.This revised version was published online in January 2005 with corrections to the Cover date. 相似文献
A reverse merger allows a private company to assume the current reporting status of another company that is public. This can be done quickly, without fundraising, road show, underwriter, substantial ownership dilution, or great expense. Private firms that go public via reverse merger are often motivated by the need to quickly secure financing through privately placed stock (PIPEs) and the desire to make acquisitions using stock as payment. In each of the last eight years reverse mergers have outnumbered traditional IPOs as a mechanism for going public, and reporting shell companies are providing fuel for much of this growth. We study 585 trading shell companies over the period 2006-2008. The purpose of most of these shell firms is to find a suitor for a reverse merger agreement. These companies have no systematic risk, operations, or assets, and their share price tends to decline over time. Yet, these firms have investors. When a takeover agreement is consummated, shell company three-month abnormal returns are 48.1%. We argue that this exceptional return is compensation to investors for shell stock illiquidity and the uncertainty of finding a reverse merger suitor. We show that shell company returns are much greater at the consummation of a merger than those of a similar entity that in dollar terms is more popular among investors — Special Purpose Acquisition Companies (SPACs). 相似文献