Restructuring as a signal: a simple formalization
Restructuring as a signal: a simple formalization
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.
University of Southampton
Colombo, E.
704bb5c1-808f-4371-9f5d-7d19fd0f1fc7
January 1997
Colombo, E.
704bb5c1-808f-4371-9f5d-7d19fd0f1fc7
Colombo, E.
(1997)
Restructuring as a signal: a simple formalization
(Discussion Papers in Economics and Econometrics, 9714)
Southampton, UK.
University of Southampton
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Monograph
(Discussion Paper)
Abstract
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.
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Published date: January 1997
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Local EPrints ID: 33188
URI: http://eprints.soton.ac.uk/id/eprint/33188
PURE UUID: 279c648b-359f-48ee-8798-424212fdd1c8
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Date deposited: 25 Jan 2008
Last modified: 22 Jul 2022 20:40
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Author:
E. Colombo
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