Consulta: creatorFacets:"Fumagalli,   Chiara"
Registros recuperados: 3
Data/hora: 27/07/2024 03:09:22

A Simple Theory of Predation
Provedor de dados: Research in Agricultural & Applied Economics (AgEcon Searh)
Autores: Fumagalli,   Chiara; Motta,   Massimo.
We propose a simple theory of predatory pricing, based on scale economies and sequential buyers (or markets). The entrant (or prey) needs to reach a critical scale to be successful. The incumbent (or predator) is ready to make losses on earlier buyers so as to deprive the prey of the scale it needs, thus making monopoly profits on later buyers. Several extensions are considered, including markets where scale economies exist because of demand externalities or two-sided market effects, and where markets are characterised by common costs. Conditions under which predation may take place in actual cases are also discussed.
Tipo: Working or Discussion Paper
Palavras-chave: Anticompetitive Behaviour; Exclusion; Below-Cost Pricing; Antitrust; Financial Economics; K21; L12; L40.
Ano: 2010
URL: http://purl.umn.edu/59420

Exclusive Dealing: The Interaction between Foreclosure and Investment Promotion
Provedor de dados: Research in Agricultural & Applied Economics (AgEcon Searh)
Autores: Fumagalli,   Chiara; Motta,   Massimo; Ronde,   Thomas.
This paper studies a model where exclusive dealing (ED) can both promote investment and foreclose a more efficient supplier. While investment promotion is usually regarded as a pro-competitive effect of ED, our paper shows that it may be the very reason why a contract that forecloses a more efficient supplier is signed. Absent the effect on investment, the contract would not be signed and foreclosure would not be a concern. For this reason, considering potential foreclosure and investment promotion in isolation and then summing them up may not be a suitable approach to assess the net effect of ED. The paper therefore invites a more cautious attitude towards accepting possible investment promotion arguments as a defence for ED.
Tipo: Working or Discussion Paper
Palavras-chave: Monopolization Practices; Vertical Agreements; Financial Economics; L12; L40; L42.
Ano: 2009
URL: http://purl.umn.edu/56213

The Deep-Pocket Effect of Internal Capital Markets
Provedor de dados: Research in Agricultural & Applied Economics (AgEcon Searh)
Autores: 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