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Do Firms Sell Forward for Strategic Reasons? An Application to the Wholesale Market for Natural Gas
van Eijkel, Remco - 2010
Building on a model of the interaction of risk-averse firms that compete in forward and spot markets, we develop an empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for both. An increase in the number of players weakens the...
Persistent link: https://www.econbiz.de/10013135361
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Do Firms Sell Forward for Strategic Reasons? An Application to the Wholesale Market for Natural Gas
Eijkel, Remco van; Gonzalez, José Luis Moraga - CESifo - 2010
Building on a model of the interaction of risk-averse firms that compete in forward and spot markets, we develop an empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for both. An increase in the number of players weakens the...
Persistent link: https://www.econbiz.de/10008799744
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Capacity Constraining Labor Market Frictions in a Global Economy
Holzner, Christian; Larch, Mario - CESifo - 2011
exporting firms triggers firm entry, reduces unemployment and increases wage dispersion in the on-the-job search model with …
Persistent link: https://www.econbiz.de/10009320777
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Media Market Concentration, Advertising Levels, and Ad Prices
Anderson, Simon P.; Foros, Oystein; Kind, Hans Jarle; … - CESifo - 2011
Standard media economics models imply that increased platform competition decreases ad levels and that mergers reduce per-viewer ad prices. The empirical evidence, however, is mixed. We attribute the theoretical predictions to the combined assumptions that there is no advertising congestion and...
Persistent link: https://www.econbiz.de/10009645230
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Market Competition and Lower Tier Incentives
Theilen, Bernd - CESifo - 2008
The relationship between competition and performance-related pay has been analyzed in single-principal-single-agent models. While this approach yields good predictions for managerial pay schemes, the predictions fail to apply for employees at lower tiers of a firm’s hierarchy. In this paper, a...
Persistent link: https://www.econbiz.de/10005405811
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Policy Innovations, Political Preferences, and Cartel Prosecutions
Ghosal, Vivek - 2015
While price-fixing cartel prosecutions have received significant attention, the policy determinants and the political preferences that guide such antitrust prosecutions remain understudied. We empirically examine the intertemporal shifts in U.S. antitrust cartel prosecutions during the period...
Persistent link: https://www.econbiz.de/10013012564
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The Impact of Horizontal Mergers on Market Structure : Evidence from the Semiconductor Industry
Siebert, Ralph - 2016
The U.S. and EU Merger Guidelines strongly emphasize the relevance of the “ease of entry” argument in merger … evaluations. Up to now, very little is known empirically about how mergers affect entry and exit, and the resulting number of … dominated mergers. Interestingly, we also find that mergers foreclose potential entry in other product markets and reduce the …
Persistent link: https://www.econbiz.de/10012988887
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Manufacturers Mergers and Product Variety in Vertically Related Markets
Milliou, Chrysovalantou - 2014
We study final product manufacturers' incentives to introduce new products into the market and how they are affected by a merger among them. We show that when manufacturers distribute their products through multi-product retailers, a manufacturers merger, although it leads to an increase in the...
Persistent link: https://www.econbiz.de/10013047344
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Dynamic Entry in Vertically Differentiated Markets
Auer, Raphael; Sauré, Philip U. - 2021
We develop a model of vertical innovation in which firms incur a market entry cost and choose a unique level of quality … spectrum has top and a bottom, is thus overcome by sequential entry. Our main contribution lies in handling these asymmetries …
Persistent link: https://www.econbiz.de/10013315485
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Merger Without Cost Advantages
Huck, Steffen; Konrad, Kai A.; Müller, Wieland - 2021
The seminal paper by Salant, Switzer and Reynolds (1983) showed that merger in a standard Cournot framework with linear demand and linear costs is not profitable unless a large majority of the firms are involved in the merger. However, many strategic aspects matter for firm competition such as...
Persistent link: https://www.econbiz.de/10013318548