| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| The Deep-Pocket Effect of Internal Capital Markets | |
| Xavier Boutin; Giacinta Cestone; Chiara Fumagalli; Giovanni Pica; Nicolas Serrano-Velarde | |
| 发表日期 | 2009 |
| 出处 | Economy and Society |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups is negatively related to entry in a market. Second, the impact on entry of group deep pockets is more important in markets where access to external funding is likely to be more difficult. Third, the “entry deterring effect" of group deep pockets is more pronounced when groups have more active internal capital markets. Our findings suggest that internal capital markets operate within corporate groups and that they have a potential anti-competitive effect. |
| 特色分类 | G32;G38;L41 |
| 关键词 | Business Groups Cash Holdings Internal Capital Markets Deep-Pockets Market Entry |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-deep-pocket-effect-of-internal-capital-markets/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117658 |
| 推荐引用方式 GB/T 7714 | Xavier Boutin,Giacinta Cestone,Chiara Fumagalli,et al. The Deep-Pocket Effect of Internal Capital Markets. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| 200912101844391Nota_（71KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
| 200912101844584108-0（390KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
| 文件名： | 200912101844391Nota_di_Lavoro.jpg |
| 格式： | JPEG |
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