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  • Antitrust policy  (1)
  • D21  (1)
  • 1
    Electronic Resource
    Electronic Resource
    U.S. merger policy and the 1992 Merger Guidelines (1993)
    Springer
    Review of industrial organization 8 (1993), S. 151-162 
    Details
    ISSN: 1573-7160
    Keywords: Antitrust policy
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article reviews the empirical evidence regarding the effects of mergers on corporate efficiency. In light of this evidence it then evaluates the effectiveness of U.S. merger policy as articulated in the 1992 Guidelines of the Department of Justice. It argues that the 1992 Guidelines and the U.S. Government's policies toward business more generally over the past 12 years have been characterized by a bias for bigness. It concludes that this bias will only be eliminated when government authorities in charge of merger policy recognize that many mergers lower economic efficiency and design and enforce their policies accordingly.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01034174
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Investment and cash flow: Asymmetric information or managerial discretion (1995)
    Springer
    Empirica 22 (1995), S. 211-234 
    Details
    ISSN: 1573-6911
    Keywords: Investment ; cash flow ; asymmetric information ; managerial discretion ; G39 ; L21 ; D21
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In recent years, several studies have attempted to explain the positive link between corporate investment and internal cash flows by hypothesizing the existence of asymmetric information. Managers know that the firm has high return investment opportinities, but the capital market does not. An alternative explanation for cash flow's relationship to investment is that managers have the discretion to use the company's cash flows to advance their own interests, and these are positively linked to the growth of the firm. The asymmetric information hypothesis predicts a positive relationship between investment and cash flow for firms with returns on investment above their costs of capital, the managerial discretion hypothesis predicts a positive relationship for firms with returns below their costs of capital. This paper presents evidence consistent with both hypotheses.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01384151
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    Paper (German National Licenses)
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