Merger Control Z

Jorge Padilla, J. Perkins, S. Piccolo, P. Reynolds
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Abstract

This paper focuses on industries that require intensive investment to compete and innovate well before demand materialises (or fails to do so). In these industries, the existence of exit barriers may cause firms to become “zombies” ex post and result in significant underinvestment ex ante. We first discuss the link between the investment decisions of firms and the existence and significance of exit barriers. Then, we consider the role of mergers as an exit mechanism that promotes efficient investment and fosters competition. We conclude with a discussion about optimal merger policy.
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本文关注的是那些需要密集投资才能在需求实现(或未能实现)之前竞争和创新的行业。在这些行业中,退出壁垒的存在可能导致企业事后成为“僵尸”,并导致事前严重的投资不足。我们首先讨论了企业投资决策与退出壁垒的存在及其意义之间的联系。然后,我们考虑了并购作为一种促进有效投资和促进竞争的退出机制的作用。最后讨论了最优并购策略。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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