| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16567 |
| DP16567 Dynamic Strategic Corporate Finance: A Tug of War with Financial Frictions | |
| Ulrich Doraszelski; Joao Gomes; Felix Nockher | |
| 发表日期 | 2021-09-21 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Access to capital markets plays a key role for the evolution of an industry over time. We develop a benchmark theoretical setting that integrates core corporate finance insights about the impact of financial frictions on investment with those from industrial organization on dynamic competition and industry evolution under perfect capital markets. Using state of the art computational tools to systematically detect and evaluate multiple equilibria and to thoroughly explore the parameter space of our model, we show how, depending on key industry characteristics such as market size, financial frictions impact firms' pricing and investment strategies and the degree of industry concentration. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Price and investment competition Financial frictions Industry dynamics |
| URL | https://cepr.org/publications/dp16567 |
| 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/545518 |
| 推荐引用方式 GB/T 7714 | Ulrich Doraszelski,Joao Gomes,Felix Nockher. DP16567 Dynamic Strategic Corporate Finance: A Tug of War with Financial Frictions. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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