The economics of parent-subsidiary mergers: an empirical analysis

Article Abstract:

The effects of parent-subsidiary mergers on firm performance was examined and compared to the effects of conventional mergers and third party buyouts on corporate restructuring and resource allocation. Existing ideas on mergers and acquisitions state that such activity leads to favorable gains for subsidiaries and parent corporations. Results confirm that mergers generate increased wealth for shareholders and facilitate reallocation of resources to higher valued uses.

Subsidiary Management, Management, Acquisitions and mergers, Subsidiary corporations, Subsidiaries, Corporate reorganizations, Corporate growth

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An empirical analysis of strategic competition and firm values: the case of R&D competition

Article Abstract:

Empirical analysis of a firm's competitive strategy and the market value of strategic behavior was considered in evaluating the impact of announcing R&D expenditures. The analysis generated a competitive strategy measure that negatively affected the firm's stock prices, while a positive effect is shown by spending variation. These effects were found even after accounting for the impact of concurrent earnings announcements with R&D announcements.

Analysis, Competition (Economics), Economic aspects, Industrial research, Disclosure statements (Accounting)

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An empirical examination of basic valuation models for plain vanilla U.S. interest rate swaps

Article Abstract:

Fair-value short-term swap rates exist in the Eurodollar futures market as suggested by a study on the analogy between short-term swaps and Eurodollar strips. Swap pricing has been found to be closely related to corporate bond and Eurodollar futures pricing. Companies therefore can use interest-rate futures instead of swaps.

Portfolio Management, Security and commodity exchanges, Futures, Arbitrage, Interest rate swaps

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