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dc.contributor.authorBoutin, Xavieren
dc.contributor.authorCestone, Giacintaen
dc.contributor.authorFumagalli, Chiaraen
dc.contributor.authorPica, Giovannien
dc.contributor.authorSerrano-Velarde, Nicolasen
dc.date.accessioned2011-12-15T11:32:08Z-
dc.date.available2011-12-15T11:32:08Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/53263-
dc.description.abstractWe provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups is negatively related to entry in a market. Second, the impact on entry of group deep pockets is more important in markets where access to external funding is likely to be more difficult. Third, the entry deterring effect of group deep pockets is more pronounced when groups have more active internal capital markets. Our findings suggest that internal capital markets operate within corporate groups and that they have a potential anti-competitive effect.en
dc.language.isoengen
dc.publisher|aFondazione Eni Enrico Mattei (FEEM) |cMilanoen
dc.relation.ispartofseries|aNota di Lavoro |x108.2009en
dc.subject.jelG32en
dc.subject.jelG38en
dc.subject.jelL41en
dc.subject.ddc330en
dc.subject.keywordBusiness Groupsen
dc.subject.keywordCash Holdingsen
dc.subject.keywordInternal Capital Marketsen
dc.subject.keywordDeep-Pocketsen
dc.subject.keywordMarket Entryen
dc.titleThe deep-pocket effect of internal capital markets-
dc.typeWorking Paperen
dc.identifier.ppn646152505en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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