Catálogo de publicaciones - tesis
Título de Acceso Abierto
Entry, exit and mergers: a competitive equilibrium model with financial frictions
Román Fossati Enrique Kawamura
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Resumen/Descripción – provisto por el repositorio digital
This paper examines a dynamic stochastic model of a competitive industry with heterogeneous firms that allows for entry, exit and mergers of firms in equilibrium. The model we build is an extension of a modified version of Jovanovic and Rousseau's (2002) model that introduces financial frictions, describes the market for corporate control and endogenizes its equilibrium price, and develops a stationary equilibrium à la Hopenhayn (1992). It provides a theoretical framework within which to study factors affecting variables such as entry, exit and investment through direct unbundled capital good purchase and mergers. This work contributes to the literature by suggesting another explanation to many empirical regularities and describing one more mechanism through which aggregate liquidity shocks may affect merger activity. The results suggest that due to asymmetric information about entrepreneur's survival probabilities aggregate liquidity shocks may contribute to codetermine the turnover rate of firms and investment levels through mergers.Palabras clave – provistas por el repositorio digital
Ciencias Económicas; entry and exit; financial frictions; mergers; technological change; Economía; Operaciones financieras; Equilibrio económico
Disponibilidad
| Institución detectada | Año de publicación | Navegá | Descargá | Solicitá |
|---|---|---|---|---|
| No requiere | 2005 | SEDICI: Repositorio Institucional de la UNLP (SNRD) |
|
Información
Tipo de recurso:
tesis
Idiomas de la publicación
- inglés
País de edición
Argentina
Fecha de publicación
2005
Información sobre licencias CC
