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Debt and Capacity Commitments*
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DOI：10.1093/rof/rfs031.png)
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摘要
En 中文
In capital-intensive industries, firms face complicated multi-staged financing, investment, and production decisions under the watchful eye of existing and potential industry rivals. In various representations of this environment, we show that a first-mover advantage in debt weakly dominates a first-mover advantage in capacity. Without a first-mover advantage in debt, the incumbent may suffer a dead-weight loss. When both the entrant and incumbent deploy debt prior to capacity, a first-mover in capacity benefits from softer competition. With a long-purse debt cost, leading in debt still remains advantageous.
Keyword:
PRODUCT-MARKET COMPETITION
HOLDING EXCESS CAPACITY
CAPITAL STRUCTURE
DETER ENTRY
INVESTMENT
OLIGOPOLY
CONTRACTS
EXIT
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期刊
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8.4
论文数:
908
被引数:
4.8K
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