Judo Economics in Markets with Multiple Firms

Journal of Industrial Mathematics ◽

10.1155/2014/216473 ◽

2014 ◽

Vol 2014 ◽

pp. 1-8

Author(s):

Daniel Cracau ◽

Benjamin Franz

Keyword(s):

Small Firms ◽

Numerical Results ◽

Capacity Limitation ◽

Bertrand Game ◽

Number Of Firms

We study a sequential Bertrand game with one dominant market incumbent and multiple small entrants selling homogeneous products. Whilst the equilibrium for the case of a single entrant is well known from Gelman and Salop (1983), we derive properties of the N-firm equilibrium and present an algorithm that can be used to calculate this equilibrium. The algorithm is based on a recursive manipulation of polynomials that derive the optimisation problem that each of the market entrants is facing. Using this algorithm we derive the exact equilibrium for the cases of two and three small entrants. For more than three entrants only approximate results are possible. We use numerical results to gain further understanding of the equilibrium for an increasing number of firms and in particular for the case where N diverges to infinity. Similarly to the two-firm Judo equilibrium, we see that a capacity limitation for the small firms is necessary to achieve positive profits.

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How does the estate tax affect the number of firms?

Journal of Entrepreneurship and Public Policy ◽

10.1108/jepp-09-2012-0045 ◽

2014 ◽

Vol 3 (1) ◽

pp. 96-117 ◽

Cited By ~ 4

Author(s):

Pavel A. Yakovlev ◽

Antony Davies

Keyword(s):

Small Firms ◽

State Level ◽

Small Business Owners ◽

Tax Burden ◽

Estate Tax ◽

Content Type ◽

The Usa ◽

The Rich ◽

The Impact ◽

Number Of Firms

Purpose – The purpose of this paper is to estimate the effect of the combined (Federal and state) estate, inheritance, and gift (EIG) tax burden per decedent on the number of firms in the USA. Design/methodology/approach – Estimates are based on a longitudinal panel of 50 American states from 1988 to 2006. Findings – The paper finds that the growth in the EIG tax burden per decedent significantly reduces the growth in the number of firms, especially small firms. The higher dissolution rate among small firms can be attributed to the asymmetric liquidity effect, which limits the ability of small business owners to raise the funds needed to pay the estate tax without liquidating their estates. Practical implications – The estimates suggest that the reductions in EIG taxes, brought about by the passage of 2001 EGTRRA, have lead to a higher growth in the number of firms, ceteris paribus. Social implications – As of this writing, the future of the Federal estate tax looks uncertain. Policymakers should note that the estate tax lowers competition and economic growth, which hurts both the poor and the rich. Originality/value – This study is the first to examine the impact of the combined (Federal and state) EIG tax burden on the number of firms using state-level panel data.

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The Effects of Share Repurchase Announcements on Returns in the Malaysia Stock Market

Indonesian Journal of Business Finance and Accounting ◽

10.32455/ijbfa.v1i1.44 ◽

2018 ◽

Vol 1 (1) ◽

pp. 1 ◽

Cited By ~ 1

Author(s):

Tze San Ong ◽

Pei San Ng

Keyword(s):

Stock Market ◽

Abnormal Return ◽

Small Firms ◽

Abnormal Returns ◽

Share Repurchase ◽

Before And After ◽

Positive Abnormal Return ◽

Repurchase Announcements ◽

Signaling Hypothesis ◽

Firm Characteristic

This paper examines the market response surrounding the share repurchase announcements of Malaysia Listed Companies from years 2012 to 2016. One sample T-test was carried out to identify the abnormal return in the range before and after 20 days from share repurchase announcements. The result shows a significant positive abnormal return in the day of repurchase announcements and continuously until day 1 after the announcements. Multiple regression analysis was performed in order to identify the firm characteristic of share repurchase. The finding is supported with information asymmetric, which shows that stock market reacts more favorably through the repurchase announcements by small firms than large firms. This study is consistent with the signaling hypothesis that shows share repurchase announcement can be an effective tool in stabilizing the stock market in Malaysia. The finding of this study acts as a useful tool for managers and investors to improve their decisions on share repurchase announcements in Malaysia. Company’s managers can conduct share repurchase announcements that are able to make the stock market react positively in order to generate positive abnormal returns.

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Effects of stator splitter blades on aerodynamic performance of a single-stage transonic axial compressor

JOURNAL OF MECHANICAL ENGINEERING AND SCIENCES ◽

10.15282/jmes.14.4.2020.05.0579 ◽

2020 ◽

Vol 14 (4) ◽

pp. 7369-7378

Author(s):

Ky-Quang Pham ◽

Xuan-Truong Le ◽

Cong-Truong Dinh

Keyword(s):

Stokes Equations ◽

Three Dimensional ◽

Axial Compressor ◽

Aerodynamic Performance ◽

Numerical Results ◽

Single Stage ◽

Navier Stokes ◽

Navier Stokes Equations ◽

Operating Stability ◽

Length Coverage

Splitter blades located between stator blades in a single-stage axial compressor were proposed and investigated in this work to find their effects on aerodynamic performance and operating stability. Aerodynamic performance of the compressor was evaluated using three-dimensional Reynolds-averaged Navier-Stokes equations using the k-e turbulence model with a scalable wall function. The numerical results for the typical performance parameters without stator splitter blades were validated in comparison with experimental data. The numerical results of a parametric study using four geometric parameters (chord length, coverage angle, height and position) of the stator splitter blades showed that the operational stability of the single-stage axial compressor enhances remarkably using the stator splitter blades. The splitters were effective in suppressing flow separation in the stator domain of the compressor at near-stall condition which affects considerably the aerodynamic performance of the compressor.

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Elasto-plastic state of curve beam system subjected to complex loading

Vietnam Journal of Mechanics ◽

10.15625/0866-7136/10107 ◽

1996 ◽

Vol 18 (4) ◽

pp. 14-22

Author(s):

Vu Khac Bay

Keyword(s):

Cylindrical Shell ◽

Solution Method ◽

Complex Loading ◽

Numerical Results ◽

Elastic Solution ◽

Plastic State ◽

Curve Beam ◽

Elastic State ◽

Elastic Plastic ◽

Beam System

Investigation of the elastic state of curve beam system had been considered in [3]. In this paper the elastic-plastic state of curve beam system in the form of cylindrical shell is analyzed by the elastic solution method. Numerical results of the problem and conclusion are given.

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