Coordinated Effects in the 2010 Horizontal Merger Guidelines

Recent research has highlighted the quantitative contribution to merger analysis from extending unilateral effects models to understand the payoffs to future potential coordinated effects. Some of the emphasis of this research appears to have made its way into the 2010 Horizontal Merger Guidelines. In this paper, we demonstrate the quantification of coordinated effects in an oligopoly and procurement model, and we show that screens that are based on upward pricing pressure are not adequate in mergers where coordinated effects are a potential concern.     

我国商业银行中间业务的发展对策

文章分析了我国由于政策、市场和银行自身等因素影响,导致了中、外资商业银行中间业务的巨大反差,这种反差在一定程度上正说明了我国商业银行中间业务发展中的问题所在,并提出制度创新、市场创新、管理创新等是解决这些问题的有效对策。     

人民币汇率波动背景下的“钟摆效应”探析

2012年以来,人民币对美元汇率继续呈现双向波动趋势,升值和贬值预期交替出现。企业等市场主体根据人民币汇率预期变动,灵活调整外币资产负债配置结构,使财务运作呈现较为明显的“钟摆效应”。“钟摆效应”的出现,反映了国内市场主体对汇率风险意识的增强,也影响到外汇资产在央行和市场主体间配置的变动,增加跨境资金流动的波动性。为更好地适应国内市场主体外币资产配置需求的变化,文章提出相关政策建议。     

欧债危机以来意大利经济改革措施

欧债危机以来,为了摆脱困境,意大利实施了一系列经济改革措施。文章从实施财政紧缩政策和经济结构性改革两个方面对意大利近年来经济改革措施进行了梳理,并对意大利债务形势和经济前景进行了展望。     

农村金融组织体系的历史变迁与发展模式研究

文章对农村金融组织体系的历史变迁及发展模式进行了研究。     

Full Steam Ahead or Abandon Ship? An Empirical Investigation of Complete Pivot Decisions

New products or services often misalign with customer preferences, and sometimes these initial offerings must be abandoned and replaced. Factors influencing these “complete pivot” decisions are poorly understood. We use behavioral decision theory to develop a theoretical model of pivot decisions that tests our predictions via a conjoint analysis experiment. We find that magnitude of the miss (revenues compared to plan), length of the runway (cash available/burn rate), and attribution for the miss (reason for customer misreads) significantly influence complete pivot decisions, and we simultaneously consider interactions. Individual grit and impulsiveness also shape the effects of some attributes.