competition and positively affected by knowledge spillovers. We find that the positive spillovers dominate if foreign firms enter …

increasing offshoring activity increases competition in the final goods market, leading to a progressive vertical disintegration … of the supply chains. Initially, the firms that decide to explore offshoring potential choose integration. As competition … fully domestic supply chains, the increasing competition promotes a sequential disintegration of the domestic intermediate …

acquisition. We find that with quantity competition a spillover makes acquisitions less attractive, while with price competition …