| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15113 |
| DP15113 Shelving or developing? The acquisition of potential competitors under financial constraints. | |
| Chiara Fumagalli; Massimo Motta; Emanuele Tarantino | |
| 发表日期 | 2022-02-15 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | A start-up and an incumbent negotiate over an acquisition price under asymmetric information about the start-up's ability to succeed in the market. The acquisition may result in the shelving of the start-up's project or the development of a project that would otherwise never reach the market because of financial constraints. Despite this possible pro-competitive effect, the optimal merger policy commits to standards of review that prohibit high-price takeovers, even if they may be welfare-beneficial ex post. Ex ante this pushes the incumbent to acquire start-ups lacking the financial resources to develop independently, and increases expected welfare. |
| 主题 | Industrial Organization |
| 关键词 | Optimal merger policy Selection effect Nascent competitors |
| URL | https://cepr.org/publications/dp15113-1 |
| 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/545984 |
| 推荐引用方式 GB/T 7714 | Chiara Fumagalli,Massimo Motta,Emanuele Tarantino. DP15113 Shelving or developing? The acquisition of potential competitors under financial constraints.. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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