Restructuring as a signal: a simple formalization
Colombo, E. (1997) Restructuring as a signal: a simple formalization. Southampton, UK, University of Southampton (Discussion Papers in Economics and Econometrics 9714).
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Several studies stressed that contrary to the initial expectations, state-owned firms at the beginning of the transition, undertook painful measures to adjust to the new economic environment. This paper investigates this behaviour in a simple game theoretic framework. It is argued that the massive amount of lay-offs created by state-owned firms during the initial phase of the transition can be interpreted as a signal directed to the banking sector in order to obtain more favourable financing conditions for the subsequent process of restructuring.
|Item Type:||Monograph (Discussion Paper)|
|Subjects:||H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor
|Divisions :||University Structure - Pre August 2011 > School of Social Sciences > Economics
|Accepted Date and Publication Date:||
|Date Deposited:||25 Jan 2008|
|Last Modified:||31 Mar 2016 11:59|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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