Merger Control Z

Jorge Padilla, J. Perkins, S. Piccolo, P. Reynolds
{"title":"Merger Control Z","authors":"Jorge Padilla, J. Perkins, S. Piccolo, P. Reynolds","doi":"10.2139/ssrn.3889230","DOIUrl":null,"url":null,"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.","PeriodicalId":11797,"journal":{"name":"ERN: Regulation (IO) (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2021-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Regulation (IO) (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3889230","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

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.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
合并控制Z
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。
求助全文
约1分钟内获得全文 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
Sound GUPPI Safe Harbor: A Calibrated Unilateral Effects Screen for Horizontal Mergers with Differentiated Products Consolidation on Aisle Five: Effects of Mergers in Consumer Packaged Goods Optimal Exit Policy with Uncertain Demand Friends in High Places: Demand Spillovers and Competition on Digital Platforms The Ambiguous Competitive Effects of Passive Partial Forward Integration
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1