Angesichts der Individualisierung des Konsumentenverhaltens und der damit verbundenen Fragmentierung der Märkte nimmt die Mehrmarkenstrategie in vielen Branchen eine bedeutende Stellung ein. Neben vielfältigen Chancen offenbart eine parallele Führung mehrerer selbständiger Marken im gleichen...

Product scope adjustment is a key mechanism through which multi-product firms achieve efficient resource allocations. In this paper, we take a novel perspective to study firms' product scope adjustment behavior through the lens of asset pricing. Using a unique panel scanner data set containing...

We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...

In this paper, I develop a model of oligopoly with shareholder voting. Instead of assuming that firms maximize profits, the objective of the firms is decided by majority voting. This implies that portfolio diversification generates tacit collusion. In the limit, when all shareholders are...