| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3480 |
| DP3480 Labour Market Institutions and Macroeconomic Shocks | |
| Dennis Snower; Gylfi Zoega; Yu-Fu Chen | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We explore the joint determination of product differentiation strategy and corporate leverage in a setting where (i) product differentiation is valued by customers; (ii) debt is necessary to discipline managers; and (iii) liquidation is costly for customers, in particular, when products are highly differentiated from competitors' products. We show that when managerial incentive problems call for high leverage, firms position their products closer to competitors to reduce deadweight costs customers incur in liquidation. We discuss our findings in light of case study evidence. |
| 主题 | Financial Economics |
| 关键词 | Leverage Product differentiation Liquidation costs Customer lock-in strategies Innovation |
| URL | https://cepr.org/publications/dp3480 |
| 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/532497 |
| 推荐引用方式 GB/T 7714 | Dennis Snower,Gylfi Zoega,Yu-Fu Chen. DP3480 Labour Market Institutions and Macroeconomic Shocks. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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