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)
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ePrint ID: 33188
Date :
Date Event
January 1997Published
Date Deposited: 25 Jan 2008
Last Modified: 16 Apr 2017 22:17
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