Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; … - IGIER (Innocenzo Gasparini Institute for Economic … - 2011
We provide evidence suggesting that incumbent firms' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper shows that entry in manufacturing industries is negatively related to the cash reserves hoarded...