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http://hdl.handle.net/10419/54962
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| Title: | | Ownership and control in a competitive industry  |
| Authors: | | Karle, Heiko Klein, Tobias J. Stahl, Konrad O. |
| Issue Date: | | 2011 |
| Series/Report no.: | | ZEW Discussion Papers 11-071 |
| Abstract: | | We 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. |
| Subjects: | | differentiated products separation of ownership and control private benefits of control |
| JEL: | | L13 L41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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