G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2981
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
URLhttps://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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