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Active Market (active + market)
Selected AbstractsLot Sizing for Optimal Collection and Use of Remanufacturable Returns over a Finite Life-CyclePRODUCTION AND OPERATIONS MANAGEMENT, Issue 4 2006Atalay Atasu Reverse supply chains process used product returns to recover value by re-processing them via remanufacturing operations. When remanufacturing is feasible, the longer the return flows are delayed during the active (primary) market demand period of the product, the lower the value that can be recovered through these operations. In fact, in order to recover the highest value from remanufactured products, the collection rates, return timings, and reusability rates should be matched with the active market demand and supply. With these motivations, this paper is aimed at developing analytical models for the efficient use of returns in making production, inventory, and remanufacturing decisions during the active market. More specifically, we consider a stylistic setting where a collector collects used product returns and ships them to the manufacturer who, in turn, recovers value by remanufacturing and supplies products during the active market demand. Naturally, the manufacturer's production, inventory and remanufacturing decisions and costs are influenced by the timing and quantity of the collector's shipments of used product returns. Hence, we investigate the impact of the timing of returns on the profitability of the manufacturer-collector pair by developing system-wide cost optimization models. Analyzing the properties of the optimal shipment frequency, we observe that the fastest reverse supply chain may not always be the most efficient one. [source] The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?THE JOURNAL OF FINANCE, Issue 6 2001Vojislav Maksimovic We analyze the market for corporate assets. There is an active market for corporate assets, with close to seven percent of plants changing ownership annually through mergers, acquisitions, and asset sales in peak expansion years. The probability of asset sales and whole-firm transactions is related to firm organization and ex ante efficiency of buyers and sellers. The timing of sales and the pattern of efficiency gains suggests that the transactions that occur, especially through asset sales of plants and divisions, tend to improve the allocation of resources and are consistent with a simple neoclassical model of profit maximizing by firms. [source] Post-merger strategy and performance: evidence from the US and European banking industriesACCOUNTING & FINANCE, Issue 4 2009Jens Hagendorff G21; G34; G28 Abstract The banking industry has one of the most active markets for mergers and acquisitions. However, little is known about the type of operational strategies adopted by banking firms in the years following a deal. For a sample of bidding banks in the USA and Europe, this study compares the design and performance implications of different post-merger strategies in both geographical regions. Using accounting data, we show that European banks pursue a cost-cutting strategy by increasing efficiency levels vis-à-vis non-merging banks and by cutting back on both labour costs and lending activities. US banks, on the other hand, raise both interest and non-interest income in the post-merger period. [source] Automation versus Intermediation: Evidence from Treasuries Going Off the RunTHE JOURNAL OF FINANCE, Issue 5 2006MICHAEL J. BARCLAY ABSTRACT This paper examines the choice of trading venue by dealers in U.S. Treasury securities to determine when services provided by human intermediaries are difficult to replicate in fully automated trading systems. When Treasury securities go "off the run" their trading volume drops by more than 90%. This decline in trading volume allows us to test whether intermediaries' knowledge of the market and its participants can uncover hidden liquidity and facilitate better matching of customer orders in less active markets. Consistent with this hypothesis, the market share of electronic intermediaries falls from 81% to 12% when securities go off the run. [source] | ||||||||||