Essays in industrial organization

The thesis consists in three papers that investigate two debated topics in industrial organization (in particular in competition policy) through formal models based on game-theory. The first paper deals with potential effects of conglomerate mergers among leading brands in facilitating foreclosure of new suppliers through the retailing channel. The two remaining papers analyze antitrust policy with respect to monopolization of markets of spare parts and aftermarkets by monopolistic equipment manufacturers.

I diritti particolari dei soci nelle S.r.l.

Il tema oggetto della presente tesi di dottorato trae spunto dall'analisi dell'art. 2468 c.c. nel quale può dirsi contenuto il nucleo fondamentale della disciplina della partecipazione sociale. In primo luogo vi è un'analisi comparata dell'istituto in esame con quelli previsti negli altri paesi europei. Dopo una breve analisi di diritto comparato ci si è concentrati sulla legislazione italiana ed, in particolare, l'elaborato cerca di dare una risposta ai seguenti interrogativi: a) quali sono i “particolari diritti” ex art. 2468 c.c.? b) si può parlare di “categorie speciali di partecipazioni”? Con riferimento al primo interrogativo va considerato che il modello legale prevede che i diritti particolari attribuibili ai soci riguardano l’amministrazione della società o la distribuzione degli utili. Tale disciplina sussiste quando l’atto costitutivo attribuisce i particolari diritti senza disporre nulla sulla loro trasferibilità, modificabilità ed inerenza alla partecipazione sociale piuttosto che alla persona del socio. Ci si è chiesti quali siano i confini delle due categorie espressamente previste dall’art. 2468, 3 c.c. e se tale previsione sia tassativa piuttosto che esemplificativa, aprendosi quindi la strada alla libera determinabilità dei diritti sociali, alla stregua di quanto sancisce l’art. 2348, 2 c.c., in merito alle azioni “speciali”. Si giunge così alla conclusione che la previsione sia esemplificativa e che anche nelle s.r.l. le parti sono libere di attribuire ai soci diritti sociali diversi da quelli derivanti dal modello legale, nei limiti derivanti da specifiche norme imperative. Nel secondo capitolo sono stati approfonditi i principi dettati dall’art. 2468 c.c., la natura di tali "particolari diritti" ed i loro profili di qualificazione nonché le loro esplicazioni contenutistiche Nel terzo capitolo si è analizzato cosa accade ai "particolari diritti" in caso di vicende modificative. Nel quarto capitolo poi è stato affrontata la controversa questione relativa alla possibilità di creare delle “categorie di quote”.

Essays in Industrial Organization

This dissertation comprises four essays on the topic of industrial organization and environmental economics. The first essay investigates the profitability of horizontal mergers of firms with price adjustments. We take a differential game approach and both the open-loop as well as the closed-loop equlibria are considered. In the second essay, using the same approach as the first one, we study the profitability of horizontal merger of firms where the demand function is nonlinear. We take into consideration the open-loop equilibrium. The third essay studies the profitability of exogenous output constraint in a differential game model with price dynamics under the feedback strategies. The fourth essay investigates a second-best trade agreement between two countries when pollution spillovers are asymmetric to examine the strategic behavior of governments in using pollution taxes and tariffs under trade liberalization.

Chemical and kinematical properties of Blue Straggler stars in Galactic globular clusters

Blue straggler stars (BSSs) are brighter and bluer (hotter) than the main-sequence (MS) turnoff and they are known to be more massive than MS stars.Two main scenarios for their formation have been proposed:collision-induced stellar mergers (COL-BSSs),or mass-transfer in binary systems (MT-BSSs).Depleted surface abundances of C and O are expected for MT-BSSs,whereas no chemical anomalies are predicted for COL-BSSs.Both MT- and COL-BSSs should rotate fast, but braking mechanisms may intervene with efficiencies and time-scales not well known yet,thus preventing a clear prediction of the expected rotational velocities.Within this context,an extensive survey is ongoing by using the multi-object spectrograph FLAMES@VLT,with the aim to obtain abundance patterns and rotational velocities for representative samples of BSSs in several Galactic GCs.A sub-population of CO-depleted BSSs has been identified in 47 Tuc,with only one fast rotating star detected.For this PhD Thesis work I analyzed FLAMES spectra of more than 130 BSSs in four GCs:M4,NGC 6397,M30 and ω Centauri.This is the largest sample of BSSs spectroscopically investigated so far.Hints of CO depletion have been observed in only 4-5 cases (in M30 and ω Centauri),suggesting either that the majority of BSSs have a collisional origin,or that the CO-depletion is a transient phenomenon.Unfortunately,no conclusions in terms of formation mechanism could be drawn in a large number of cases,because of the effects of radiative levitation. Remarkably,however,this is the first time that evidence of radiative levitation is found in BSSs hotter than 8200 K.Finally, we also discovered the largest fractions of fast rotating BSSs ever observed in any GCs:40% in M4 and 30% in ω Centauri.While not solving the problem of BSS formation,these results provide invaluable information about the BSS physical properties,which is crucial to build realistic models of their evolution.

La fusión transfronteriza de sociedades en el derecho europeo.

La libertad de establecimiento y la movilidad de las empresas juegan un papel fundamental en el proceso comunitario de integración. Las empresas buscan nuevas formas de cooperación e integración que les permitan ocupar cuotas de mercado cada vez más importantes. De entre las modalidades de integración y cooperación que tienen a su disposición, la fusión transfronteriza de sociedades es, sin duda, una de las más relevantes. Es evidente que las fusiones de sociedades pertenecientes a Estados miembros distintos podrían tener una enorme importancia en el proceso de integración del mercado único. Sin embargo, la posibilidad de llevar a cabo con éxito una fusión transfronteriza en el ámbito comunitario era improbable hasta época reciente. Dos tipos de impedimentos la dificultaban: por una parte, obstáculos a la libertad de establecimiento por parte de los ordenamientos jurídicos de los Estados miembros; por otro, obstáculos de Derecho internacional privado. En cambio, hoy la mayor parte de estos impedimentos han sido superados gracias, en primer lugar, al progresivo reconocimiento del derecho de establecimiento de las sociedades por el Tribunal de Justicia, y en segundo, a la importante Directiva 2005/56/CE relativa a las fusiones transfronterizas de sociedades de capital. Esta Directiva impone a los Estados miembros una serie de normas de mínimos de derecho material a fin de armonizar la tutela de los intereses de los sujetos implicados más débiles (sobre todo, los trabajadores y los socios). De igual manera, establece una serie de normas de conflicto para resolver la cuestión de la ley aplicable a las fusiones transfronterizas. Este trabajo tiene como objetivo principal valorar la relevancia de los pronunciamientos del Tribunal de Justicia y de las actuaciones del legislador europeo orientados a impedir las restricciones a las fusiones transfronterizas de sociedades en el territorio comunitario.

A study of extended radio galaxies in the Shapley concentration core

Extended cluster radio galaxies show different morphologies com- pared to those found isolated in the field. Indeed, symmetric double radio galaxies are only a small percentage of the total content of ra- dio loud cluster galaxies, which show mainly tailed morphologies (e.g. O’Dea & Owen, 1985). Moreover, cluster mergers can deeply affect the statistical properties of their radio activity. In order to better understand the morphological and radio activity differences of the radio galaxies in major mergeing and non/tidal-merging clusters, we performed a multifrequency study of extended radio galax- ies inside two cluster complexes, A3528 and A3558. They belong to the innermost region of the Shapley Concentration, the most massive con- centration of galaxy clusters (termed supercluster) in the local Universe, at average redshift z ≈ 0.043. We analysed low frequency radio data performed at 235 and 610 MHz with Giant Metrewave Radio Telescope (GMRT) and we combined them with proprietary and literature observations, in order to have a wide frequency range (150 MHz to 8.4 GHz) to perform the spectral analysis. The low frequency images allowed us to carry out a detailed study of the radio tails and diffuse emission found in some cases. The results in the radio band were also qualitatively compared with the X-ray information coming from XMM-Newton observations, in order to test the interaction between radio galaxies and cluster weather. We found that the brightest central galaxies (BCGs) in the A3528 cluster complex are powerful and present substantial emission from old relativistic plasma characterized by a steep spectrum (α > 2). In the light of observational pieces of evidence, we suggest they are possible re-started radio galaxies. On the other hand, the tailed radio galaxies trace the host galaxy motion with respect to the ICM, and our find- ings is consistent with the dynamical interpretation of a tidal interaction (Gastaldello et al. 2003). On the contrary, the BCGs in the A3558 clus- ter complex are either quiet or very faint radio galaxies, supporting the hypothesis that clusters mergers quench the radio emission from AGN.

Tax-Optimal Step-Up and Imperfect Loss Offset

In the field of mergers and acquisitions, German and international tax law allow for several opportunities to step up a firm's assets, i.e., to revaluate the assets at fair market values. When a step-up is performed the taxpayer recognizes a taxable gain, but also obtains tax benefits in the form of higher future depreciation allowances associated with stepping up the tax base of the assets. This tax-planning problem is well known in taxation literature and can also be applied to firm valuation in the presence of taxation. However, the known models usually assume a perfect loss offset. If this assumption is abandoned, the depreciation allowances may lose value as they become tax effective at a later point in time, or even never if there are not enough cash flows to be offset against. This aspect is especiallyrelevant if future cash flows are assumed to be uncertain. This paper shows that a step-up may be disadvantageous or a firm overvalued if these aspects are not integrated into the basic calculus. Compared to the standard approach, assets should be stepped up only in a few cases and - under specific conditions - at a later point in time. Firm values may be considerably lower under imperfect loss offset.

Corporate acquisitions by listed firms: the experience of a comprehensive sample

The sample used includes tender offers, mergers, acquisitions of privately held corporations, and comprehensive acquisitions of other firms' assets. According to the results, the majority of bid announcements prompt significant stock price increases, especially when controlling for partial anticipation problems and relative acquisition size. Furthermore, there is little evidence that firms that engage in "bad" acquisitions are more likely to be taken over.

Umstrukturierung von kollektiven Kapitalanlagen

The issuance of the Swiss Federal Act on Collective Investment Schemes (CISA) in the year 2007 and the revision thereof in 2013 expanded the possibilities for restructuring of collective investment schemes and simplified the procedures. For instance, in article 95 the CISA contains a provision that deals in a non-conclusive way with the restructuring of open-ended collective investment schemes. As a novelty regulation, this provision allows for mergers not only of contractual funds but also of investment companies with variable capital (SICAV). Additionally, the transformation of an open-ended collective investment into another CISA legal form was also included into the catalogue of possible restructuring processes. Further, a SICAV still maintains the possibility for asset transfer according to article 69 ff. of the Federal Act on Merger, Demerger, Transformation and Transfer of Assets (MerA). However, not all open questions have been clarified. As long as the CISA does not contain restructuring provisions, as is the case with closed-ended collective investment schemes, generally the MerA and/or the Swiss Code of Obligations (CO) apply. The interplay of diverse, partly overlapping legislative bases leads to the emergence of unwanted gaps. Moreover, the partial revision of the CISA was not completely implemented at the ordinance level. Among others, the following issues have not been conclusively or clearly regulated: the permitted combinations of mergers, the merger procedure of the SICAV, the permitted restructurings, the transformation procedure as well as the application scope of the asset transfer for collective investment schemes according to the relevant merger regulations. Although these questions will be clarified in the following article through a systematic and teleological analysis of the relevant regulations, it is to be hoped that the gaps will be closed within the next CISA revision in order to guarantee comprehensive legal certainty.

Has Deregulation Affected Births, Deaths, and Marriages in the U.S. Commercial Banking Industry?

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s and culminating with the Interstate Banking and Branching Efficiency Act of 1994. Banking analysts anticipated dramatic consolidation with large numbers of mergers and acquisitions. Less well documented, but equally important, was the continuing entry of new banks, tempering the decline in the overall number of banking institutions. This paper examines whether deregulation affected bank new-charter (birth), failure (death), and merger (marriage) rates during the 1980s and 1990s after controlling for bank performance and state economic activity. We find evidence that intrastate deregulation stimulated births and marriages, but not deaths. Moreover, we find little evidence that interstate deregulation affected births, deaths, or marriages, except that the marriage rate rose after the implementation of the Interstate Banking and Branching Efficiency Act. Finally, pair-wise temporal causality tests among births, deaths, and marriages show that mergers temporally lead new charters and that failures lead mergers (a demonstration effect).

Has Deregulation Affected Births, Deaths, and Marriages in the U.S. Commercial Banking Industry?

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s and culminating with the Interstate Banking and Branching Efficiency Act of 1994. Banking analysts anticipated dramatic consolidation with large numbers of mergers and acquisitions. Less well documented, but equally important, was the continuing entry of new banks, tempering the decline in the overall number of banking institutions. This paper examines whether deregulation affected bank new-charter, failure, and merger rates during the 1980s and 1990s after controlling for bank performance and state economic activity. We find evidence that intrastate deregulation stimulated new charters and mergers, but not failures. Moreover, we find little evidence that interstate deregulation affected new charters, failures, or mergers.

Deregulation and Structural Change in the U.S. Commercial Banking Industry

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s and culminated with the Interstate Banking and Branching Efficiency Act of 1994. Banking analysts anticipated dramatic consolidation with large numbers of mergers and acquisitions. Some expressed concern about the long-term health of the smaller community banks. This paper describes and discusses the actual evolution of the U.S. banking industry over the past two decades, using the 1976 to 1998 Report of Condition and Income (Call Report) and merger data recently posted on the web site of the Federal Reserve Bank of Chicago. Among several results, more permissive interstate banking and branching regulation significantly associates with higher merger rates, with lower net entry rates, and with higher concentration within states. Interestingly, more permissive intrastate banking and branching regulation only associates with higher concentration.

L'aspect linguistique des fusions-acquisitions d'entreprises

In the business world, mergers can also be seen as the joining of two or more "company-speaks". Contrasts between different "speaks" are brought out when the communities are together and this can be observed in the spoken and written language. This situation can be compared to that of languages in contact from the sociolinguistic and dialectological points of view. Terminology offers an adapted perspective on descriptive, historical and cultural levels.

L'aspect linguistique des fusions-acquisitions d'entreprises

In the business world, mergers can also be seen as the joining of two or more "company-speaks". Contrasts between different "speaks" are brought out when the communities are together and this can be observed in the spoken and written language. This situation can be compared to that of languages in contact from the sociolinguistic and dialectological points of view. Terminology offers an adapted perspective on descriptive, historical and cultural levels.

L'aspect linguistique des fusions-acquisitions d'entreprises

In the business world, mergers can also be seen as the joining of two or more "company-speaks". Contrasts between different "speaks" are brought out when the communities are together and this can be observed in the spoken and written language. This situation can be compared to that of languages in contact from the sociolinguistic and dialectological points of view. Terminology offers an adapted perspective on descriptive, historical and cultural levels.