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We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...
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This paper analyzes a merger of large manufacturers with divestiture in the French coffee market. In contrast to …
Persistent link: https://www.econbiz.de/10014561412
Antitrust authorities all over the world are concerned if a particularly aggressive competitor, a "maverick", is bought out of the market. One plausible determinant of acting as a maverick is behavioral: the maverick derives utility from acting competitively. We test this conjecture in the lab....
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A start-up engages in an investment portfolio problem by choosing how much to invest in a "rival" project, which threatens the position of an existing incumbent, and a "non-rival" project. Anticipating its acquisition by the incumbent, the start-up strategically distorts its portfolio of...
Persistent link: https://www.econbiz.de/10012591323
Corporate market power has risen in recent decades, and new estimates in this note suggest that the likely wave of small and medium-sized enterprise bankruptcies from the ongoing pandemic will further strengthen market concentration. Whether and how policymakers should address this issue is...
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investigate how the merger regime influences the direction of the startup’s innovation. …
Persistent link: https://www.econbiz.de/10015164657