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The stakes are very high, as there are tens of millions of dollars at issue, and it is worth looking at the contribution of each firms' clients.
Second, an increase in the number of firms tilts the relative composition of each firms' demand towards non-local consumers and enhances the effects of search costs on deterring the initiation and extensiveness of any search activity.
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The leaders of each firm were expected to meet with their management committees this week.
The largest exposures of each firm was to the principal owners.
ReprintsThe extent of each firm's currency woes also depends on where its exports go.
The companies did not disclose the size of each firm's investment, although the Times Company's stake is the smallest.
That gap represents a difference of nearly $1.7 billion in the value of each firm's equity stake.
But they are surely right to resist disclosure of the performance of each firm in a fund's portfolio.
But because the French and Italian governments still own around 30% of each firm, their approval would be necessary.
The class of shares, representing less than 1% of each firm, yield no income, but they would have appreciated in value as profits increased.
It could have then announced to the world the health of each firm, which would have helped the market regain some confidence.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com