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WORKING PAPER no. 18
Corporate Financing and Product
Market Competition: An Overview
Giacinta Cestone
April 1999
DIPARTIMENTO DI SCIENZE ECONOMICHE - UNIVERSITÀ DEGLI STUDI DI SALERNO
Via Ponte Don Melillo - 84084 FISCIANO (SA)
Tel. 089-96 3167/3168 - Fax 089-96 3169 – e-mail: [email protected]
CSEF WORKING PAPER no. 18
Corporate Financing and Product
Market Competition: An Overview*
Giacinta Cestone**
Abstract
This paper offers an overview of the main interactions between corporate
financing decisions and product market competition. Financial policy may
affect the market game in several ways. It can make a firm more or less
vulnerable to predation, commit the firm to a particular market strategy, or
convey signals to the firm's competitors. Financial policy matters also in that
the decision to resort to a common lender can facilitate collusion among
competing firms. Finally, an appropriate design of financial claims can
commit the lender not to provide potential entrants with funding or expertise.
Keywords: Capital Structure, Product Markets
JEL classification: G30, L13
*
This work has greatly benefitted from the comments and suggestions of Giovanni
Cespa, Tullio Jappelli, Marco Pagano, Michele Polo and Lucy White.
**
GREMAQ, Université de Toulouse and Università Cattolica di Milano.
Address for correspondence: Giacinta Cestone, GREMAQ, Université de
Toulouse, Manufacture des Tabacs, 21 allée de Brienne, 31000 Toulouse, France.
Tel.: +33-5-61128565. E-mail: [email protected]
Table of contents
1. Introduction
2. The basic model
3. The long purse story
4. Strategic security design
4.1. The optimal financial response to predation
4.2. Financial contracts as strategic commitments
4.3. Capital structure and tacit collusion
5. Finance and the nature of competition
6. Simultaneous signalling to capital and product market
7. The role of the lender in the product market
7.1 Common lender as a coordination device
7.2 Anti-competitive financial contracts
8. Conclusion
References
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