the defence in a dynamic setting with uncertainty. A firm entering a market also considers its ease of exit, foreseeing … that it may later wish to leave should market conditions deteriorate. By facilitating exit in times of financial distress …, the failing firm defence may encourage entry sufficiently that welfare is increased overall. This view of the defence has …

that entry and exit rates are positively correlated across industries. Our objective is to investigate the effect of sunk … costs and, in particular, market size on entry and exit rates. We analyse a stochastic dynamic model of a monopolistically … show existence and uniqueness of a stationary equilibrium with simultaneous entry and exit: efficient firms survive while …

within a region, explicitly taking into account exit, as well as entry, costs. Protecting workers by having strict lay … investigate how uncertainty affects the attractiveness of investment in a particular location. Just how much does the ease of exit … influence the entry decision? …

In an uncertain business climate, multinational enterprises must take account of future exit costs in deciding where to …

block funding for new entrants, or limit their access to refinance after a shock. This forces inefficient default and exit … lobby for weak enforcement, and retain control of collateral. We provide evidence that industry exit rates and profit …

organizational change) and 'external' restructuring (the process by which less efficient establishments exit and more efficient …

competition model that studies the effect of trade liberalization on exit and sectoral restructuring in the business services … sector. We assume that firms are heterogeneous in their marginal costs, allowing the model to predict domestic M&A and exit … by closedown, as well as foreign M&A. The model is brought to detailed French firm-level data on exit and M&A in the …

need not be the case. In a single-firm benchmark, the blockholder governs through exit, selling her stake if the firm … underperforms. With multiple firms, the blockholder may sell even a value-maximizing firm, to disguise her exit from another …

Sovereign yield spreads within currency unions may reflect the risk of outright default. Yet, if exit from the currency … country of a currency union, allowing both for default within and exit from the union. Initially, the government runs …