European Economic Review,
In a two-stage game, we study under what conditions banks offer phonebanking (first stage). In the second stage, they are competitors in the market for deposits. Offering the phone option creates two opposing effects. The first is a demand effect as depositors strictly prefer to manage some of their financial transactions by phone. The second (strategic) effect is that competition is increased as transaction costs are lowered. Universal phonebanking prevails when the demand effect dominates the strategic effect. Specialization can occur in that one bank offers the phone option while the other does not.
Management and Employee Buy-Outs in German Privatisation
OECD Centre for Co-Operation with the Economies in Transition: Trends and Policies in Privatisation. Vol. 1 No. 3. Special Feature. Management and Employee Buy-Outs in the Context of Privatisation,