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 …

This Paper considers the 'failing firm defence'. Under this principle, found in most antitrust jurisdictions, a merger … failing firm, and an alternative, less detrimental merger is unavailable. Competition authorities have shown considerable … the defence in a dynamic setting with uncertainty. A firm entering a market also considers its ease of exit, foreseeing …

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 …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … reduce costs through either internal investment in building capital or through mergers. The model, which we solve … computationally, allows firms to invest or propose mergers according to the relative profitability of these strategies. An antitrust …