Arbeitspapier
Ownership and Control in a Competitive Industry
We study a differentiated product market in which an investor initially owns a controlling stake in one of two competing firms and may acquire a non-controlling or a controlling stake in a competitor, either directly using her own assets, or indirectly via the controlled firm. While industry profits are maximized within a symmetric two product monopoly, the investor attains this only in exceptional cases. Instead, she sometimes acquires a noncontrolling stake. Or she invests asymmetrically rather than pursuing a full takeover if she acquires a controlling one. Generally, she invests indirectly if she only wants to affect the product market outcome, and directly if acquiring shares is profitable per se.
- Sprache
-
Englisch
- Erschienen in
-
Series: SFB/TR 15 Discussion Paper ; No. 350
- Klassifikation
-
Wirtschaft
Oligopoly and Other Imperfect Markets
Monopolization; Horizontal Anticompetitive Practices
- Thema
-
Differentiated products
separation of ownership and control
private benefits of control
Investition
Produktdifferenzierung
Corporate Governance
Unvollkommener Markt
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Karle, Heiko
Klein, Tobias J.
Stahl, Konrad O.
- Ereignis
-
Veröffentlichung
- (wer)
-
Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY)
- (wo)
-
München
- (wann)
-
2011
- DOI
-
doi:10.5282/ubm/epub.13204
- Handle
- URN
-
urn:nbn:de:bvb:19-epub-13204-3
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Karle, Heiko
- Klein, Tobias J.
- Stahl, Konrad O.
- Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY)
Entstanden
- 2011
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