In a declining industry, shrinking demand creates pressure for capacity to be reduced. Who exits first? There is a unique perfect equilibrium for firms with asymmetric market shares and identical unit costs in which survivability is inversely related to size: the largest firm can profitably...

Diversified business groups dominate the private sectors of most of the world's economies. Several of these economies have undergone sudden policy changes that significantly increase domestic competitive intensity. The authors demonstrate how the changes in corporate scope that accompany such...

There is a widespread belief that increases in the cross-border integration of markets are associated with increases in global concentration along various dimensions. This article reviews the available evidence and presents new data, indicating that increasing global integration has not been...

This paper studies the order of adoption of a process innovation, thin-slab casting, by U.S. steelmakers. A game-theoretic model of technology adoption with capacity constraints indicates that incumbents are likely to trail entrants in adopting process technologies that reduce the minimal scale...

If markets were either completely isolated by or integrated across borders, there would be little room for international business strategy to have content distinctive from ‘mainstream’ strategy. But a review of the economic evidence about the international integration of markets indicates...