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We develop a two-stage game in which competing airlines first choose the networks of markets to serve in the first stage before competing in price in the second stage. Spillovers in entry decisions across markets are allowed, which accrue on the demand, marginal cost, and fixed cost sides. We...
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leverage and product-market competition as predictors of financial distress hazard; and lack of attention to frailty as a … a managerial effort problem, mitigated by leverage and product-market competition as substitute disciplining devices … effect of leverage on financial distress hazard is inverted-U-shaped; (ii) the effect of the competition is U-shaped; and …
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