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dc.contributor.authorKarle, Heikoen_US
dc.contributor.authorKlein, Tobias J.en_US
dc.contributor.authorStahl, Konrad O.en_US
dc.description.abstractWe 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.en_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 11-071en_US
dc.subject.keyworddifferentiated productsen_US
dc.subject.keywordseparation of ownership and controlen_US
dc.subject.keywordprivate benefits of controlen_US
dc.subject.stwCorporate Governanceen_US
dc.subject.stwUnvollkommener Markten_US
dc.titleOwnership and control in a competitive industryen_US
dc.typeWorking Paperen_US
Appears in Collections:ZEW Discussion Papers, Zentrum für Europäische Wirtschaftsforschung (ZEW)
Publikationen von Forscherinnen und Forschern des Zentrums für Europäische Wirtschaftsforschung (ZEW)

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