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Effects of Acquisitions on Product and Process Innovation and R&D Performance

Cefis, Elena; Rosenkranz, Stephanie; Weitzel, Utz - C.E.P.R. Discussion Papers - 2005

Using a game theoretical model on firms' simultaneous investments in product and process innovation, we deduct and … and in independently competing firms. We use Community Innovation Survey data on Italian manufacturing firms. Theoretical …

Persistent link: https://www.econbiz.de/10005123533

Corporate Leverage and Product Differentiation Strategy

Arping, Stefan; Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2002

We explore the joint determination of product differentiation strategy and corporate leverage in a setting where (i) product differentiation is valued by customers; (ii) debt is necessary to discipline managers; and (iii) liquidation is costly for customers, in particular, when products are...

Persistent link: https://www.econbiz.de/10005661660

Vertical Merger, Collusion, and Disruptive Buyers

Nocke, Volker; White, Lucy - C.E.P.R. Discussion Papers - 2010

In a repeated game setting of a vertically related industry, we study the collusive effects of vertical mergers. We show that any vertical merger facilitates upstream collusion, no matter how large (in terms of capacity or size of product portfolio) the integrated downstream buyer. But a...

Persistent link: https://www.econbiz.de/10008468660

Bilateral Market Power and Vertical Integration in the Spanish Electricity Spot Market

Kühn, Kai-Uwe; Machado, Matilde Pinto - C.E.P.R. Discussion Papers - 2004

The Spanish electricity spot market is highly concentrated both on the seller and the buyer side. Furthermore, unlike electricity spot markets in other deregulated electricity systems, large buyers and sellers are typically vertically integrated. This allows both large net sellers and large net...

Persistent link: https://www.econbiz.de/10005123592

Vertical Integration and Distance to Frontier

Acemoglu, Daron; Aghion, Philippe; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2002

frontier. In vertically integrated firms, owners (managers) have to spend time both on production and innovation activities …, and this creates managerial overload, and discourages innovation. Outsourcing of some production activities mitigates the … frontier, the value of innovation increases, encouraging outsourcing. …

Persistent link: https://www.econbiz.de/10005123937

Vertical Integration and Technology: Theory and Evidence

Acemoglu, Daron; Aghion, Philippe; Griffith, Rachel; … - C.E.P.R. Discussion Papers - 2005

This paper investigates the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a simple incomplete contracts model. Then, we investigate these predictions using plant-level data for...

Persistent link: https://www.econbiz.de/10005123944

Optimal Integration: Strategies for the Multinational Firm

Grossman, Gene; Helpman, Elhanan; Szeidl, Adam - C.E.P.R. Discussion Papers - 2004

We examine integration strategies of multinational firms that face a rich array of choices of international organization. Each firm in an industry must provide headquarter services from its home country, but can produce its intermediate inputs and conduct assembly operations in one or more of...

Persistent link: https://www.econbiz.de/10005124092

Unlocking Value: Equity Carve outs as Strategic Real Options

Perotti, Enrico C; Rossetto, Silvia - C.E.P.R. Discussion Papers - 2007

Equity carve outs, the partial listing of a corporate subsidiary, appear to be transitory arrangements, usually dissolved within a few years by either a complete sale or a buy back. Why do firms perform expensive listings just to reverse them thereafter? We interpret carve outs as strategic...

Persistent link: https://www.econbiz.de/10005124241

Subadditivity Tests for Network Separation with an Application to US Railroads

Ivaldi, Marc; McCullough, Gerard - C.E.P.R. Discussion Papers - 2004

We describe a pair of subadditivity tests that can be used to evaluate the technological feasibility of separating a vertically integrated network monopoly into a common infrastructure component and competing operating components. We implement the tests with a Generalized McFadden cost function...

Persistent link: https://www.econbiz.de/10005067525

The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration

Grossman, Sanford J; Hart, Oliver - C.E.P.R. Discussion Papers - 1985

specific rights over assets in the contract, it may be optimal to let one party purchase all residual rights. Ownership is the …

Persistent link: https://www.econbiz.de/10005497709

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