This paper analyses the profitability of horizontal mergers in a Stackelberg model and their impact on welfare when there is uncertainty about the marginal costs of the newly merged firms. The authors consider that the merging firms decide their production strategy knowing the actual value of...

Some path-breaking work on mergers takes efficiency gains for granted, or assumes that firms have perfect knowledge when taking merger decisions. In practice, firms and competition authorities cannot know exact future efficiency gains, prior to merger consummation. This paper analyzes horizontal...

We consider firms perfectly symmetrical on production costs in the pre-merger game but the cost of the merged entity may be amended due to the anti-competitive effects of the merger. The lack of empirical precision concerning the effect of the merger on production costs (Scherer, 1980 or Tichy,...

We analyze the strategic use of the debt in a duopoly model of Cournot competition. We consider a two stage model where debt acts as a commitment variable and we characterize subgame perfect equilibria. We differ from several models based on the strategic value of the debt such as Wanzenried...

The aim of this paper is to present, to analyze and to compare models in the field of industrial organization in which firms can strategically use their debt in order to influence the market structure or the degree of competition within the industry. The original feature of this particular trend...

<!--Début du contenu @xml:lang="en"-->?This article examines the influence of a private entrant? nationality upon its choice of market penetration when the incumbent (state-owned firm) is in charge of the Universal Service Obligations. ?<!--Fin du contenu @xml:lang="en"-->We compare the area of coverage freely chosen by each type of entrant to those that would prevail...

We consider an oligopolistic industry including leveraged firms and unleveraged ones where firms are engaged in a sequential decision-making process. At the first stage of the game, a firm and her bank, considering the demand uncertainty and the distribution probability of the shock, evaluate a...