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on Law and Economics |
| By: | Fritz-Morgenthal, Sebastian G.; Hach, Sebastian T.; Schalast, Christoph |
| Abstract: | Several top deals already closed, a still highly fragmented industry and strong pressure for further consolidation following the financial crisis - renewable energy certainly has become a red-hot topic in M&A. Surveying 220 companies in the solar photovoltaic, utility and financial sector as well as major technology corporations, which are identified as the key industries in the sector-specific takeover market, this working paper proves the common knowledge for the example of photovoltaics. With more than 93% of the respondents, a vast majority expects the M&A environment to further ameliorate and deals to increase. As for the fundamental market drivers, the survey suggests a shift from factors linked to the financial crises towards an increasing impact of general industry-related influences. In contrast, neither the industry sector nor other corporate characteristics are of significant importance. With respect to prevailing takeover strategies, the survey reveals a strong influence of general acquisition motives. However, an empirically significant connection can be determined between the industry sector of potential buyers and the most relevant motivation factors, which allows for the assumption of business-affected takeover strategies that are elaborated on more closely within the working paper. Examining an acquisition focus in terms of the targets' position in the photovoltaic value chain, no statistically valid connection can be observed with either the acquisition motivation or the industry sector of the potential buyer, leaving room for further research. -- |
| Keywords: | Erneuerbare Energien,Renewable Energy,Solarenergie,Photovoltaik,M&A,Merger,Acquisition,Konsolidierung,Akquisitionsstrategie,Finanzkrise,EEG,Solarförderung,Energiewirtschaft,Versorgungssicherheit,Energieabhängigkeit,Nachhaltigkeit,Sustainability |
| JEL: | K12 K19 K22 K29 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fsfmwp:144&r=law |
| By: | Philip Meguire (University of Canterbury) |
| Abstract: | Boundary algebra [BA] is a <--,(-),()> algebra of type <2,1,0>, and a simplified notation for Spencer- Brown’s (1969) primary algebra. The syntax of the primary arithmetic [PA] consists of two atoms, () and the blank page, concatenation, and enclosure between ‘(‘ and ‘)’, denoting the primitive notion of distinction. Inserting letters denoting, indifferently, the presence or absence of () into a PA formula yields a BA formula. The BA axioms are A1: ()()= (), and A2: “(()) [abbreviated ‘?’] may be written or erased at will,” implying (?)=(). The repeated application of A1 and A2 simplifies any PA formula to either () or ?. The basis for BA is B1: abc=bca (concatenation commutes & associates); B2, ?a=a (BA has a lower bound, ?); B3, (a)a=() (BA is a complemented lattice); and B4, (ba)a=(b)a (implies that BA is a distributive lattice). BA has two intended models: (1) the Boolean algebra 2 with base set B={(),?}, such that () ? 1 [dually 0], (a) ? a', and ab ? a?b [anb]; and (2) sentential logic, such that () ? true [false], (a) ? ~a, and ab ? a?b [a?b]. BA is a self-dual notation, facilitates a calculational style of proof, and simplifies clausal reasoning and Quine’s truth value analysis. BA resembles C.S. Peirce’s graphical logic, the symbolic logics of Leibniz and W.E. Johnson, the 2 notation of Byrne (1946), and the Boolean term schemata of Quine (1982). |
| Keywords: | Boundary algebra; boundary logic; primary algebra; primary arithmetic; Boolean algebra; calculation proof; G. Spencer-Brown; C.S. Peirce; existential graphs |
| JEL: | K11 Q28 |
| Date: | 2010–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cbt:econwp:10/50&r=law |
| By: | Ann Brower; Philip Meguire (University of Canterbury) |
| Abstract: | Under “tenure review,” the ongoing privatization of South Island Crown pastoral leases, a pastoral lessee surrenders part of his leasehold, and acquires a freehold interest in the remainder. In order to determine whether the Crown sold the right to freehold too cheaply, we model the proportional difference between the price (per hectare) at which the Crown sold its interest to the lessee, and the prices paid to former lessees who have onsold some part of their new freeholds. |
| Keywords: | tenure review; pastoral leases; New Zealand; rent seeking |
| JEL: | K11 Q28 |
| Date: | 2010–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cbt:econwp:10/49&r=law |
| By: | Christmann, Robin (Helmut Schmidt University, Hamburg) |
| Abstract: | Richterliche Leitsätze sind heute prägender Bestandteil der Rechtssetzung und Rechtsschöpfung in vielen Rechtsgebieten. Obwohl jedoch richterliche Entscheidungen unvermeidbar subjektiv und fehlbar sind, bleibt die Frage nach Leistungsfähigkeit und Grenzen dieses Richterrechts in der Literatur weitgehend unbeantwortet. In dieser Arbeit werden unter Verwendung eines Arbeitsvertragsmodells Eignung und Funktion richterlicher Entscheidungen erklärt und herausgestellt, unter welchen Bedingungen Richterrecht spezifischen gesetzlichen Regelungen überlegen ist. Es wird gezeigt, dass aus Sicht des Gesetzgebers insbesondere die Charakteristika des jeweiligen Rechtsgebietes für das effiziente Verhältnis richterlicher Entscheidungsfreiheit und gesetzlicher Spezifität ausschlaggebend sind. Die theoretischen Erkenntnisse werden abschließend auf das Beispiel des deutschen Arbeitsrechts übertragen und diskutiert. |
| Keywords: | unvollständige Verträge; Richterrecht; Arbeitsgerichte; Gesetzgebung |
| JEL: | K12 K31 K41 |
| Date: | 2010–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:ris:vhsuwp:2010_103&r=law |