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Unformatted text preview: gers and acquisitions continue to
be predominantly agreed rather than hostile and
there have yet to emerge the headline cases
which would mark a major departure from this
established pattern (in contrast to Germany). As
Yafeh’s paper suggests, changes so far have been
(v) What Are the Impediments to Change?
The modest speed of systemic change illustrated so
far is also reflected in the fact that quantitative
changes in the corporate sector have been kept to a
minimum. While balance sheets and profitability
have been hit, OECD data (1999) show that physical restructuring has been fairly modest. Fewer
firms have taken measures to reduce their labour
force than in the 1975 recession following the first
oil crisis. The proportion reporting their staffing
levels as excessive is no higher than it was in that
recession. It is much harder to judge the extent to
which capital-stock and balance-sheet adjustments
are taking place, but they also seem modest. The
rate of suspension of dealings with banks (the usu...
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This note was uploaded on 02/03/2014 for the course ECON 204 taught by Professor Devero during the Summer '13 term at American University of Sharjah.
- Summer '13