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Provedor de dados:  AgEcon
País:  United States
Título:  The Deep-Pocket Effect of Internal Capital Markets
Autores:  Boutin, Xavier
Cestone, Giacinta
Fumagalli, Chiara
Pica, Giovanni
Serrano-Velarde, Nicolas
Data:  2009-12-18
Ano:  2009
Palavras-chave:  Business Groups
Cash Holdings
Internal Capital Markets
Market Entry
Financial Economics
Resumo:  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 group deep pockets.
Tipo:  Working or Discussion Paper
Idioma:  Inglês
Relação:  Fondazione Eni Enrico Mattei (FEEM)>Institutions and Markets Papers
Formato:  41

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