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Oligopoly, macroeconomic performance, and competition policy
Azar, José; Vives, Xavier - 2018
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...
Persistent link: https://www.econbiz.de/10011891742
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Start-up acquisitions and the entrant's and incumbent's innovation portfolios
Dijk, Esmée S. R.; Moraga-González, José Luis; … - 2023 - First draft: July 2023
An entrant and an incumbent engage in an investment portfolio problem where each chooses how to allocate its research funds across a rival market, where they compete with one another, and a non-rival market, where they do not interact. Allowing for acquisitions distorts both players' incentives...
Persistent link: https://www.econbiz.de/10014335535
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Bundling and Competition for Slots : On the Portfolio Effects of Bundling
Jeon, Doh-Shin - 2009
equilibria. Finally, we identify portfolio effects of bundling and analyze the consequences on horizontal merger …
Persistent link: https://www.econbiz.de/10013158396
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Trade Unions, Employee Share Ownership and Wage Setting : A Supply-Side Approach to the Share Economy
Renstrom, Thomas I.; Roszbach, Kasper - 1998
Employee share ownership is growing increasingly important. This paper studies employee share ownership in an economy with one monopoly union for each firm. We modify an implicit contract model by adding dividend income to the usual wage income. Union members differ in exogenous stock endowments...
Persistent link: https://www.econbiz.de/10014117162
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Common Ownership and Mergers between Portfolio Companies
Inderst, Roman; Thomas, Stefan - 2019
increases anticompetitive effects of a merger between portfolio companies. Instead we posit that this depends on the facts of … the case. The existence of common ownership might even mitigate post-merger unilateral effects if compared to the pre-merger … onto the legal principles governing the burden of proof in merger cases …
Persistent link: https://www.econbiz.de/10014105080
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Mergers and Innovation Portfolios
Moraga-González, José L. - 2019
appropriable, then a merger increases consumer welfare by reducing investment in the most profitable project and increasing … merger increases consumer welfare if the more profitable project corresponds to the market with the higher elasticity of …
Persistent link: https://www.econbiz.de/10012858025
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Mergers and Innovation Portfolios
Moraga-González, José L. - 2019
This paper studies mergers in markets where firms invest in a portfolio of research projects of different profitability and social value. The portfolio nature of the investment problem brings about novel insights on the external effects of firms' investments. The investment of a firm in one...
Persistent link: https://www.econbiz.de/10012858068
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Mergers and innovation portfolios
Moraga-González, José Luis; Motchenkova, Evgenia; … - 2019
appropriable, then a merger increases consumer welfare by reducing investment in the most profitable project and increasing … merger increases consumer welfare if the more profitable project corresponds to the market with the higher elasticity of …
Persistent link: https://www.econbiz.de/10012137259
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Real option analysis of a technology portfolio
Hilli, Petri; Kallio, Maarit; Kallio, Markku - In: Review of financial economics : RFE 16 (2007) 2, pp. 127-147
Persistent link: https://www.econbiz.de/10003490351
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Commonalities in Investment Strategy and the Determinants of Performance in Mutual Fund Mergers
Namvar, Ethan - 2014
This paper examines the determinants of cross-sectional variation in post-merger mutual fund performance. Mergers …
Persistent link: https://www.econbiz.de/10013065334