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GIULIANO MUSSATI Why do mergers occur, which are their effects on social welfare and which is the best economic policy toward them? These three questions have been puzzling industrial economists since the end of the last century when the first great merger wave has come about in the US. They have returned at the centre of the stage of the theoretical and empirical economic research during the last decade when merger and acquisition activity became one of the most evident firms' activities in all industrialised countries, being fostered by some general and country specific facts. These facts have been identified in the appearance of new financial instruments facilitating fund raising by firms, in the benevolent behaviour of the authorities in charge of competition policy during the Reagan administration in the US, while inter­ nal market completion has become a strong incentive for European firms to reach a true continental dimension in the UE through external growth. However a robust and univocal answer to these questions has not yet been found in spite of its importance not only from the theoretical point of view, but also from the normative one. In fact the correct identification of firms' motivations in pursuing merger and acquisition operations and of their consequences on social welfare would help the choice by administra­ tive authorities of different possible options in competition and industrial policies.

Consolidation and merger of corporations --- Competition --- Antitrust law --- Management --- Business & Economics --- Industrial Management --- Congresses --- Congresses. --- Consolidation and merger of corporations - Congresses. --- Antitrust law - Congresses.

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While today production and service provision constitute the main areas of application for Collaborative Networks (CNs) worldwide, during the last decade the paradigm is extending to many new application areas. These developments emphasize the need for establishing a sounder foundation for collaborative networks, namely in terms of theoretical principles and formal models, capturing the concepts, entities, behaviors, and operations of the CNs, and developing technology-independent infrastructure architectures, tools and methodologies. As a new scientific discipline, research on different aspects of CNs is gaining momentum. As a result of many research projects and pilot applications, a large number of new challenges are identified everyday, in need of innovative solutions, which require holistic, multi-disciplinary approaches. This book contains a number of selected articles from PRO-VE 2007, the eighth Working Conference on Virtual Enterprises held in Guimarães, Portugal, which was sponsored by the International Federation for Information Processing (IFIP) and the Society of Collaborative Networks (SOCOLNET). PRO-VE is well known as the most focused scientific and technical conference on Collaborative Networks, offering a major opportunity for the presentation and discussion of the latest research developments and industrial practice case studies. In line with the vision of IFIP and SOCOLNET societies, the PRO-VE Conference offers a forum for collaboration and knowledge exchange among experts from different regions of the world. With the steady growth of the PRO-VE community, this platform has offered a base for consolidation of the foundation of Collaborative Networks. The articles included in this book represent a comprehensive overview of recent advances in various domains and lines of research and development on collaborative networks. There is a special emphasis on the CN topics related to trust aspects, performance and value systems, VO breeding environments, VO creation, e-contracting, collaborative architectures and frameworks, professional virtual communities, interoperability issues, business benefits, and case studies and applications in industry and services. For more information about the 300 other books in the IFIP series, please visit www.springer.com. For more information about IFIP, please visit www.ifip.org.

Business enterprises --- Virtual corporations --- Entreprises --- Entreprises virtuelles --- Computer networks --- Congresses. --- Réseaux d'ordinateurs --- Congrès --- Business enterprises -- Computer networks -- Congresses. --- Virtual corporations -- Congresses. --- Computer Science --- Management Theory --- Telecommunications --- Management --- Engineering & Applied Sciences --- Electrical & Computer Engineering --- Business & Economics --- Corporations --- Computer network architectures. --- Computer Systems Organization and Communication Networks. --- Architectures, Computer network --- Network architectures, Computer --- Computer architecture --- Computer organization. --- Organization, Computer --- Electronic digital computers

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Competition between market centers is a driving force for innovation, dynamic growth, and reasonable pricing structures. Consolidating the order flow amasses liquidity, sharpens price discovery, and lowers trading costs. Can competition remain vibrant in a consolidated environment? How does inter-market competition play out with respect to trading decisions and listing decisions? What will the primary sources of competition be in the future? What impacts will follow from the NYSE's acquisition of Archipelago, and NASDAQ's acquisition of Inet? Will exchanges further consolidate in Europe? What does consolidation imply about the efficient use of technology, the effective handling of institutional order flow, and overall market quality? These are some of the questions that were addressed at the conference and elaborated on in this book. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

Economics/Management Science. --- Finance/Investment/Banking. --- Business/Management Science, general. --- Economics. --- Economie politique --- Consolidation and merger of corporations --Congresses. --- Stock exchanges --Congresses. --- Stock exchanges --- Consolidation and merger of corporations --- Banking --- Investment & Speculation --- Finance - General --- Finance --- Business & Economics --- Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Corporations --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Consolidation --- Mergers --- Finance. --- Business. --- Management science. --- Finance, general. --- Business and Management, general. --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Capital market --- Efficient market theory --- Speculation

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Do mergers lead to financial instability? How are shareholders' interests best served? How significant a role do taxes play? What are the implications for the structure and concentration of industry? Mergers and Acquisitions, prepared in an nontechnical format, answers these and other questions that have arisen from the takeover boom that began in the mid-1980s. "A significant piece of scholarship."-Peter Fuhrman, Forbes "Accessible to interested laypersons and policy makers. . . . [A] thoroughly readable and informative book."-Gregg A. Jarrell, Journal of Economic Literature

Financial organisation --- Consolidation and merger of corporations --- Junk bonds --- Entreprises --- Congresses --- Taxation --- Fusion --- Congrès --- Impôts --- Congresses. --- AA / International- internationaal --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 658.47 --- 336.214 --- 338.048 --- 333.605 --- 333.67 --- Fusies en liquidatie van ondernemingen. Concentratie. Sluiting. --- Belastingstelsel van de genootschappen. --- Fusies van ondernemingen. Industriële concentratie. --- Nieuwe financiële instrumenten. --- openbaar overnamebod. --- Conferences - Meetings --- Congrès --- Impôts --- High-yield bonds --- High-yield junk bonds --- NIG bonds --- Non-investment grade bonds --- Corporate bonds --- Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Corporations --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Taxation&delete& --- Nieuwe financiële instrumenten --- openbaar overnamebod --- Belastingstelsel van de genootschappen --- Fusies van ondernemingen. Industriële concentratie --- Fusies en liquidatie van ondernemingen. Concentratie. Sluiting --- Consolidation --- Mergers --- United States --- Companies --- Mergers & take-overs --- E-books --- Consolidation and merger of corporations - Congresses. --- Junk bonds - Congresses. --- Consolidation and merger of corporations - Taxation - Congresses. --- finance, financial, economy, economics, wealth, stability, instability, shareholders, taxes, taxation, structure, industry, industrial, 1980s, questions, answers, academic, scholarly, research, history, historical, diachronic, essay collection, policy, bonds, junk, growth, takeover, defense, market, management, buyout, court case, advice, handbook.

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Progress in collaborative networks continues showing a growing number of manifestations including virtual organizations, virtual enterprises, dynamic supply chains, professional virtual communities, collaborative virtual laboratories, etc. with a wide spectrum of application domains. The realization that all these collaborative forms represent variations of a more general paradigm is leading to their consolidation into Collaborative Networks as a new scientific discipline. This book contains selected articles from PRO-VE'05, the sixth working conference on virtual enterprises, which was sponsored by the International Federation for Information Processing (IFIP) and held in Valencia, Spain. Being recognized as the most focused scientific / technical conference on Collaborative Networks, PRO-VE continues offering the opportunity for the presentation and discussion of both the latest research developments and practical application case studies. Following the IFIP vision, PRO-VE offers a forum for collaboration and knowledge exchange among experts from different regions of the world. The articles included in this book represent a comprehensive overview of recent advances in various domains and lines of development of collaborative networks. Of particular relevance are the topics of holistic approaches and breeding environments management, creation and management of virtual organizations and professional virtual communications, performance measurement and management, benefit analysis, trust management, process modeling and meta-modeling, ICT infrastructures and support services, legal issues, and case studies.

Information networks --- Virtual corporations --- Réseaux d'information --- Entreprises virtuelles --- Congresses --- Congrès --- Electronic books. -- local. --- Information networks -- Congresses. --- Virtual corporations -- Congresses. --- Marketing & Sales --- Economic History --- Business & Economics --- Commerce --- Business. --- Leadership. --- Management. --- Industrial management. --- Operations research. --- Decision making. --- Computers. --- Management information systems. --- Computer science. --- E-commerce. --- Business and Management. --- Operation Research/Decision Theory. --- Business Strategy/Leadership. --- e-Commerce/e-business. --- Management of Computing and Information Systems. --- Innovation/Technology Management. --- Models and Principles. --- Corporations --- Information Systems. --- Operations Research/Decision Theory. --- Informatics --- Science --- Administration --- Industrial relations --- Organization --- Ability --- Command of troops --- Followership --- Operational analysis --- Operational research --- Industrial engineering --- Management science --- Research --- System theory --- Automatic computers --- Automatic data processors --- Computer hardware --- Computing machines (Computers) --- Electronic brains --- Electronic calculating-machines --- Electronic computers --- Hardware, Computer --- Computer systems --- Cybernetics --- Machine theory --- Calculators --- Cyberspace --- Business administration --- Business enterprises --- Business management --- Corporate management --- Industrial administration --- Management, Industrial --- Rationalization of industry --- Scientific management --- Management --- Business --- Industrial organization --- Computer-based information systems --- EIS (Information systems) --- Executive information systems --- MIS (Information systems) --- Sociotechnical systems --- Information resources management --- Cybercommerce --- E-business --- E-commerce --- E-tailing --- eBusiness --- eCommerce --- Electronic business --- Internet commerce --- Internet retailing --- Online commerce --- Web retailing --- Information superhighway --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management decisions --- Choice (Psychology) --- Problem solving --- Communication systems --- Decision making --- Strategic planning. --- Electronic commerce. --- Electronic data processing --- Technological innovations. --- Operations Research and Decision Theory. --- Business Strategy and Leadership. --- e-Commerce and e-Business. --- IT Operations. --- Innovation and Technology Management. --- Models of Computation. --- Breakthroughs, Technological --- Innovations, Industrial --- Innovations, Technological --- Technical innovations --- Technological breakthroughs --- Technological change --- Creative ability in technology --- Inventions --- Domestication of technology --- Innovation relay centers --- Research, Industrial --- Technology transfer --- Goal setting (Strategic planning) --- Planning, Strategic --- Strategic intent (Strategic planning) --- Strategic management --- Planning --- Business planning