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As an extension of Hirshleifer's horse race example into a competitive exchange market framework, this paper quantitatively re-examines the condition under which social value of public information can be positive. For a prototype economy of two risk averse traders, we prove that their discordance of beliefs makes the social value of a certain class of inconclusive information either positive or negative depending on whether their endowments are or are not predominantly associated with states they regard as more probable, whereas it has been known that information acquisition is always socially wasteful under concordant beliefs. 相似文献
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Mehrez Ben Slama Dhafer Saidane Hassouna Fedhila 《Review of Quantitative Finance and Accounting》2012,38(2):209-240
During the last decades, the European banking system has known some deep changes. They have led to mergers and acquisitions
(M&As). The available studies show that the failure rate of theses M&As is relatively high. Cross-border operations are more
exposed to this risk. The high failure rate is due to the cultural and contextual differences between the M&A participants,
differences which make the process of integration particularly difficult. Thus, the success of M&As depends on the choice
of adequate M&A targets. This choice constitutes the main challenge for company leadership. The aim of this paper is therefore
to determine the factors which permit to identify the M&A targets. Our contribution compared to that of previous research
is that we study M&As and the identification of targets by line of bank activities. On the basis of a sample made up of 1071
European banks, between 2000 and 2006, we use a Logit Multinomial Model. Our main results show that the target banks tend
to be specialized in investment and market activities while the acquiring banks tend to approach themselves to the universal
bank model. 相似文献
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