This paper investigates the connection between market valuation anda type of the merger (stock, cash) using real options setup. I solveexplicitly for the timing and terms of cash mergers in two deferent settingsto demonstrate that cash mergers generally occur at low marketvaluations, whereas stock mergers that may be observed at both low andhigh valuations; the result holds with some dierences ...

Generational product innovation (GPI) is an important but understudied form of strategic renewal strategy. The limited discussion of GPI in the organizational strategy literature argues that firms benefit from internally-driven GPI strategies, such as time-based pacing and serendipitous timing. While such internally-driven strategies may predominate when firms face diffuse competition, the lite...

Like the biological clock in the body, replication of each cell type (even different cells of the same organism) follows a timing program. Abnormal function of this timer could be an alarm for a disease like cancer. DNA replication starts from a specific point on the chromosome that is called the origin of replication. In contrast to prokaryotes in which DNA replication starts from a single ...

To measure the investment performance of a portfolio manager who may engage in market timing, it is necessary to consider both market level and volatility timing behavior as well as security selection ability. We develop and implement measures that accommodate all three components. A well specified measure of performance is the sum of the three components of ability. Estimating the measures on ...

In this paper, we study the occurrence of local indeterminacy in two-sector monetary economies. In order to capture the credit market imperfections and the liquidity services of money, we consider a general MIUF model with two alternative timings in monetary payments: the Cash-In-Advance timing, in which the cash available to buy goods is money in the consumers’ hands after they leave the bond ...