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Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; Pica, Giovanni; Serrano-Velarde, Nicolas. |
This paper provides evidence that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, the paper presents three major findings. First, consistent with theoretical predictions, the amount of financial resources owned by incumbent-affiliated groups has a negative impact on entry in a market. This suggests that internal capital markets operate within corporate groups and that they have a potential anti-competitive effect. Second, the impact on entry of group financial strength is more important in markets where access to external funding is likely to be more difficult. Third, the more active are internal capital markets, the more pronounced the effect on entry of... |
Tipo: Working or Discussion Paper |
Palavras-chave: Business Groups; Cash Holdings; Internal Capital Markets; Deep-Pockets; Market Entry; Financial Economics; G32; G38; L41. |
Ano: 2009 |
URL: http://purl.umn.edu/55829 |
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Villas-Boas, Sofia Berto. |
The typical situation faced by antitrust authorities is to analyze and rule on a proposed merger by two or more manufacturers using scanner data at retail-level in a particular industry. This paper presents a simple framework to assess merger welfare effects in markets where both upstream and downstream firms make pricing decisions. I start with a benchmark model of manufacturers’ and retailers’ sequential pricing behavior. Then using counterfactual experiments, I explore the relationship between downstream retailer pricing models and the resulting estimates of upstream mergers. This exercise is done in the absence of wholesale prices looking at scanner data for the ground coffee category sold at several retail chains in Germany. I find that not... |
Tipo: Working or Discussion Paper |
Palavras-chave: Merger Analysis; Vertical relationships; Multiple manufacturers and retailers; Demand and Price Analysis; C13; L13; L41. |
Ano: 2007 |
URL: http://purl.umn.edu/7163 |
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