Publication: The strategic behavior of firms with debt
dc.affiliation.dpto | UC3M. Departamento de Economía de la Empresa | es |
dc.contributor.author | Reboul, Jérôme | |
dc.contributor.author | Toldrà, Anna | |
dc.contributor.funder | Ministerio de Ciencia y Tecnología (España) | es |
dc.contributor.funder | Comunidad de Madrid | es |
dc.date.accessioned | 2022-04-21T13:38:34Z | |
dc.date.available | 2022-04-21T13:38:34Z | |
dc.date.issued | 2016-11-01 | |
dc.description.abstract | We empirically study the strategic behavior of levered firms in competitive and noncompetitive environments. We find that regulation induces firms to increase leverage, and this reduces their ability to compete when deregulation occurs. Large and small levered firms adopt different strategies upon deregulation. Whereas more levered small firms charge higher prices to increase margins at the expense of market shares, highly levered large firms prey on their rivals by increasing output and reducing prices to increase their market shares. The difference in their behavior is due to differences in their probability of bankruptcy and their financing constraints. | en |
dc.description.sponsorship | Toldrà-Simats thanks the Spanish Ministerio de Ciencia y Tecnologia for the financial support received (Grant ECO2012-36559) and Fundaci´on Ramon Areces for the research funding (Grant 2015/00442/001). | en |
dc.identifier.bibliographicCitation | Reboul, J., & Toldrà-Simats, A. (2016). The strategic behavior of firms with debt. Journal of Financial and Quantitative Analysis, 51(5), pp.1611-1636. | es |
dc.identifier.doi | https://doi.org/10.1017/S0022109016000673 | |
dc.identifier.issn | 0022-1090 | |
dc.identifier.publicationfirstpage | 1611 | es |
dc.identifier.publicationissue | 5 | es |
dc.identifier.publicationlastpage | 1636 | es |
dc.identifier.publicationtitle | JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | es |
dc.identifier.publicationvolume | 51 | es |
dc.identifier.uri | https://hdl.handle.net/10016/34593 | |
dc.identifier.uxxi | AR/0000019143 | |
dc.language.iso | eng | es |
dc.publisher | Cambridge University Press | es |
dc.relation.projectID | Gobierno de España. ECO2012-36559 | es |
dc.relation.projectID | Comunidad de Madrid. 2015/00442/001 | es |
dc.rights | © Michael G. Foster School of Business, University of Washington 2016 | es |
dc.rights.accessRights | open access | es |
dc.subject.other | Leverage | en |
dc.subject.other | Competition | en |
dc.subject.other | Firmsize | en |
dc.subject.other | Regulation | es |
dc.subject.other | Endogeneity | en |
dc.title | The strategic behavior of firms with debt | en |
dc.type | research article | * |
dc.type.hasVersion | VoR | * |
dspace.entity.type | Publication |
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