| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2087 |
| DP2087 Transmission Rights and Market Power on Electric Power Networks. II: Physical Rights | |
| Jean Tirole; Paul L Joskow | |
| 发表日期 | 1999-02-28 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper investigates the interaction of firms' financial structure and their competitive behaviour on oligopolistic product markets. We consider risk-averse entrepreneurs who produce with uncertain production costs. To reduce their exposure to risk they can sell stocks to risk-neutral outside-investors. We show that in equilibrium the entrepreneurs prefer not to fully transfer this risk to outside-financiers because it reduces the competitive pressure on the product market. Furthermore, we discuss how the optimal financial structure reacts to variations in entrepreneurs' risk aversion, the level of cost uncertainty and the number of competitors. |
| 主题 | Industrial Organization |
| 关键词 | Bertrand competition Corporate finance Impact of financial structure on competition Impact of product competition on financial structure Inside versus outside financing |
| URL | https://cepr.org/publications/dp2087 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531204 |
| 推荐引用方式 GB/T 7714 | Jean Tirole,Paul L Joskow. DP2087 Transmission Rights and Market Power on Electric Power Networks. II: Physical Rights. 1999. |
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