Sabiia Seb
PortuguêsEspañolEnglish
Embrapa
        Busca avançada

Botão Atualizar


Botão Atualizar

Registro completo
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
Deep-Pockets
Market Entry
Financial Economics
G32
G38
L41
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
Identificador:  http://purl.umn.edu/55829
Relação:  Fondazione Eni Enrico Mattei (FEEM)>Institutions and Markets Papers
IM
108.2009
Formato:  41
Fechar
 

Empresa Brasileira de Pesquisa Agropecuária - Embrapa
Todos os direitos reservados, conforme Lei n° 9.610
Política de Privacidade
Área restrita

Embrapa
Parque Estação Biológica - PqEB s/n°
Brasília, DF - Brasil - CEP 70770-901
Fone: (61) 3448-4433 - Fax: (61) 3448-4890 / 3448-4891 SAC: https://www.embrapa.br/fale-conosco

Valid HTML 4.01 Transitional