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The Strategic Use of Tying to Preserve and Create Market Power in Evolving Industries
Carlton, Dennis W. - 1998
This paper investigates how the tying of complementary products can be used to preserve and extend monopoly positions. We first show how a firm that is a monopolist of a product in the current period can use tying to preserve its monopoly position in future periods. We then show using related...
Persistent link: https://www.econbiz.de/10012471980
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...
Persistent link: https://www.econbiz.de/10014250143
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A Shared Interest : Do Bonds Strengthen Equity Monitoring?
Gormley, Todd A. - 2024
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...
Persistent link: https://www.econbiz.de/10014544807
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Some Economic Aspects of Antitrust Analysis in Dynamically Competitive Industries
Evans, David S. - 2001
Competition in many important industries centers on investment in intellectual property. Firms engage in dynamic …, Schumpeterian competition for the market, through sequential winner-take-all races to produce drastic innovations, rather than … through static price/output competition in the market. Sound antitrust economic analysis of such industries requires explicit …
Persistent link: https://www.econbiz.de/10012470456
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Are Health Insurance Markets Competitive?
Dafny, Leemore - 2008
Although the vast majority of Americans have private health insurance, researchers focus almost exclusively on public provision. Data on the private insurance sector is extremely difficult to obtain because health insurance contracts are complex, renegotiated annually, and not subject to...
Persistent link: https://www.econbiz.de/10012464076
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Trade Policy and Market Power : The Case of the US Steel Industry
Blonigen, Bruce A. - 2007
A primary function of trade policy is to restrict imports to benefit the targeted domestic sector. However, a well-established theoretical literature highlights that the form of trade policy (e.g., quotas versus tariffs) can have a significant impact on how much trade policy affects firms'...
Persistent link: https://www.econbiz.de/10012464973
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Market Power and Price Discrimination in the U.S. Market for Higher Education
Epple, Dennis - 2017
The main purpose of this paper is to estimate an equilibrium model of private and public school competition that can …
Persistent link: https://www.econbiz.de/10012455321
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From Carry Trades to Trade Credit : Financial Intermediation by Non-Financial Corporations
Hardy, Bryan; Saffie, Felipe - National Bureau of Economic Research - 2023
We use unique firm-level data from Mexico to document that non-financial corporations engage in carry trades by borrowing in foreign currency (FX) and lending in domestic currency, largely in the form of trade credit, accumulating currency risk in the process. We show at a quarterly frequency...
Persistent link: https://www.econbiz.de/10014250200
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Pharmaceutical Pricing in Emerging Markets : Effects of Income, Competition and Procurement
Danzon, Patricia Munch - 2011
prices to retail pharmacies, plausibly because uncertain quality leads to competition on brand rather than price. Tendered …
Persistent link: https://www.econbiz.de/10012461483
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The Impact of Emerging Market Competition on Innovation and Business Strategy
Kueng, Lorenz - 2016
How do firms in high-income countries adjust to emerging market competition? We estimate how a representative panel of … more differentiated firms that survive the increase in competition have better performance ex-post, but are ex-ante more …
Persistent link: https://www.econbiz.de/10012455840