| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2722
|
| DP2722 Do We Know How Low Inflation Should Be? |
| Charles Wyplosz
|
| 发表日期 | 2001-03-27
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | This Paper shows that predation might help firms overcome the free riding problem of mergers by changing the acquisition situation in the buyer's favour relative to the firms outside the merger. It is also shown that the bidding competition for the prey's assets is most harmful to predators when the use of the prey's assets exerts strong negative externalities on rivals, i.e. when their use severely reduces competitors' profits. The reason is that potential buyers are then willing to pay a high price for the prey in order to prevent other buyers from obtaining the assets. This implies that predators prefer predation technologies that destroy the prey's assets since they limit the negative effects of the subsequent bidding competition for the prey. It is also shown that a restrictive merger policy might be counterproductive, since it might increase the incentives for predation by helping predators avoid the bidding competition. Moreover, the incentive for predation under the US failing firm defence might be strong, since it allows mergers but limits the bidding competition. |
| 主题 | Industrial Organization
|
| 关键词 | Mergers
Predation
Merger law
Failing firm defence
|
| URL | https://cepr.org/publications/dp2722
|
| 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/531778
|
推荐引用方式
GB/T 7714 |
Charles Wyplosz. DP2722 Do We Know How Low Inflation Should Be?. 2001.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
