| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2981 |
| DP2981 Bargaining, Mergers and Technology Choice in Bilaterally Oligopolistic Industries | |
| Christian Wey; Roman Inderst | |
| 发表日期 | 2001-09-29 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper analyses the interaction between internal capital market allocations and product market competition. It is argued that diversification and divestiture are both rational responses to anticipated changes in the competitive environment. Diversification is the optimal response to an anticipated toughening of competition, whereas divestiture may encourage competitors to adopt collusive pre-commitments. Moreover, thanks to the ability to shift resources across units, a diversified business group can consolidate its market power across industries. Our results yield empirically testable predictions relating the stock-market reaction to diversification announcements and the diversification premium to product market factors. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Internal capital markets Cross-subsidization Product market competition Business groups Conglomerate discount |
| URL | https://cepr.org/publications/dp2981 |
| 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/532012 |
| 推荐引用方式 GB/T 7714 | Christian Wey,Roman Inderst. DP2981 Bargaining, Mergers and Technology Choice in Bilaterally Oligopolistic Industries. 2001. |
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