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Strategic Debt: Evidence from Bertrand and Cournot Competition
Jong, Abe de; Nguyen, Thuy Thu; Dijk, Mathijs A. van - Development and Policies Research Center (Depocen) - 2008
different types of output market uncertainty (in particular, unanticipated shocks in demand and costs) on a firm's leverage … demand uncertainty is positively related to leverage for firms in both the Cournot and the Bertrand sample. Cost uncertainty … has a significantly positive impact on the leverage of Cournot firms, but plays a negligible role for Bertrand firms. Our …
Persistent link: https://www.econbiz.de/10005027461
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Strategic Debt: Evidence from Bertrand and Cournot Competition
Jong, A. de; Nguyen, T.T.; Dijk, M.A. van - Erasmus Research Institute of Management (ERIM), ERIM … - 2007
different types of output market uncertainty (in particular, unanticipated shocks in demand and costs) on a firm’s leverage … demand uncertainty is positively related to leverage for firms in both the Cournot and the Bertrand sample. Cost uncertainty … has a significantly positive impact on the leverage of Cournot firms, but plays a negligible role for Bertrand firms. Our …
Persistent link: https://www.econbiz.de/10005034779
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Capital Structure around the World: The Roles of Firm- and Country-Specific Determinants
de Jong, de Jong, A.; Kabir, Kabir, R.; Nguyen, Nguyen, T.T. - Erasmus Research Institute of Management (ERIM), … - 2007
We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 … countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage … is an indirect impact because country-specific factors also influence the roles of firm-specific determinants of leverage. …
Persistent link: https://www.econbiz.de/10010731306
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Informed Option Trading Strategies
de Jong, de Jong, C.M. - Erasmus Research Institute of Management (ERIM), … - 2001
We use a sequential trade model to clarify two mechanisms following the introduction of an option that may lead to increased efficiency in the underlying. On the one hand, market makers learn from trades in the option market and set more accurate prices. On the other hand, the proportion of...
Persistent link: https://www.econbiz.de/10010731401
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Reconciling Cournot and Bertrand Outcomes: A Review
Kirui, Benard Kipyegon - 2013
This paper reconciles the Cournot and Bertrand Models of oligopolistic competition, highlighting its weaknesses and giving an opinion thereafter. The pertinent question in this paper is why Cournot (1838) ignored the price and Bertrand (1883) ignored the quantity? From the review, the main...
Persistent link: https://www.econbiz.de/10010368126
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Search, Information, and Prices
Bergemann, Dirk - 2020
Consider a market with identical firms offering a homogeneous good. A consumer obtains price quotes from a subset of firms and buys from the firm offering the lowest price. The “price count” is the number of firms from which the consumer obtains a quote. For any given ex ante...
Persistent link: https://www.econbiz.de/10012834255
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Search, Information, and Prices
Bergemann, Dirk - 2020
Consider a market with many identical firms offering a homogeneous good. A consumer obtains price quotes from a subset of firms and buys from the firm offering the lowest price. The “price count” is the number of firms from which the consumer obtains a quote. For any given ex ante...
Persistent link: https://www.econbiz.de/10012839158
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Search, Information, and Prices
Bergemann, Dirk - 2020
Consider a market with many identical firms offering a homogeneous good. A consumer obtains price quotes from a subset of firms and buys from the firm offering the lowest price. The “price count” is the number of firms from which the consumer obtains a quote. For any given ex ante...
Persistent link: https://www.econbiz.de/10012839288
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Production under uncertainty: a characterization of welfare enhancing and optimal price caps
Grimm, Veronika; Zoettl, Gregor - 2008
We analyze the effect of price caps on equilibrium production and welfare in oligopoly under demand uncertainty. We find that high price caps always increase production and welfare as compared to the situation without price cap. Price caps close to marginal cost may lead to zero production,...
Persistent link: https://www.econbiz.de/10010299749
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Strategic capacity choice under uncertainty: the impact of market structure on investment and welfare
Grimm, Veronika; Zoettl, Gregor - 2008
We analyze a market game where firms choose capacities under uncertainty about future market conditions and make output choices after uncertainty has unraveled. We show existence and uniqueness of equilibrium under imperfect competition and establish that capacity choices by strategic firms are...
Persistent link: https://www.econbiz.de/10010299755