| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5243 |
| DP5243 The (Bad?) Timing of Mutual Fund Investors | |
| Shmuel Kandel; Avi Wohl; Oded Braverman | |
| 发表日期 | 2005-09-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper investigates the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a simple incomplete contracts model. Then, we investigate these predictions using plant-level data for the UK manufacturing sector. Most importantly, and consistent with theory, we find that the technology intensities of downstream (producer) and upstream (supplier) industries have opposite effects on the likelihood of vertical integration. Also consistent with theory, both these effects are stronger when the supplying industry accounts for a large fraction of the producer's costs. These results are generally robust and hold with alternative measures of technology intensity, with alternative estimation strategies, and with or without controlling for a number of firm and industry-level characteristics. |
| 主题 | Industrial Organization |
| 关键词 | Hold-up Incomplete contracts Internal organisation of the firm investment Residual rights of control R&d Technology Uk manufacturing Vertical integration |
| URL | https://cepr.org/publications/dp5243 |
| 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/534115 |
| 推荐引用方式 GB/T 7714 | Shmuel Kandel,Avi Wohl,Oded Braverman. DP5243 The (Bad?) Timing of Mutual Fund Investors. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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