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Merger Activity in Industry Equilibrium 

Date: 10/2017 Author(s): Dimopoulos, Theodosios; Sacchetto, Stefano Document type: Article in Journal (refereed) We quantify the impact of merger activity on productive efficiency. We develop and calibrate a dynamic industry-equilibrium model that features mergers, entry, and exit by heterogeneous firms. Mergers affect productivity directly through realized synergies, and indirectly through firms' incentives to enter or exit the industry. Merger activity increases ... More information Read related article

Technological Heterogeneity and Corporate Investment 

Date: 05/2016 Author(s): Dimopoulos, Theodosios; Sacchetto, Stefano Document type: Article in Journal (refereed) We propose an importance-sampling procedure to improve the computational performance of the simulated method of moments (SMM) for the estimation of structural models with fixed parameter heterogeneity. The main advantage of the procedure is that it does not require to simulate observations every time that the structural parameters change during the ... More information

Preemptive Bidding, Target Resistance, and Takeover Premiums 

Date: 12/2014 Author(s): Dimopoulos, Theodosios; Sacchetto, Stefano Document type: Article in Journal (refereed) We evaluate empirically two sources of large takeover premiums: preemptive bidding and target resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and encompasses both explanations. We estimate the model parameters by simulated method of moments for a sample of US takeovers. Our estimates imply ... More information
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