haku: @author Chevalier, J. A. / yhteensä: 3
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| Tekijä: | Chevalier, J. A. |
| Otsikko: | Capital structure and product-market competition: empirical evidence from the supermarket industry |
| Lehti: | American Economic Review
1995 : JUN, VOL. 85:3, p. 415-435 |
| Asiasana: | COMPETITION SUPERMARKETS GEARING |
| Kieli: | eng |
| Tiivistelmä: | This paper establishes an empirical link between firm capital structure and product-market competition using data from local supermarket competition. First, an event-study analysis of supermarket leveraged buyouts (LBO's) suggests that an LBO announcement increases the market value of the LBO chain's local rivals. Second, there is shown that supermarket chains were more likely to enter and expand in a local market if a large share of the incumbent firms in the local market undertook LBO's. The study suggests that leverage increases in the late 1980's led to softer product-market competition in this industry. |
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