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Recursos bibliográficos en papel y digitales -
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» Resultado: 4 registros
| Registro 1 de 4 | |
| Autor: | Chevalier, Judith-A - Scharfstein, David-S - |
| Título: | Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence |
| Fuente: | American Economic Review. v.86, n.4. American Economic Association |
| Páginas: | pp. 703-25 |
| Año: | Sept. 1996 |
| Resumen: | During recessions, output prices seem to rise relative to wages and raw-material prices. One explanation is that imperfectly competitive firms compete less aggressively during recessions. That is, markups of price over marginal cost are countercyclical. The authors present a model of countercyclical markups based on capital-market imperfections. During recessions, liquidity-constrained firms boost short-run profits by raising prices to cut their investments in market share. The authors provide evidence from the supermarket industry in support of this theory. During regional and macroeconomic recessions, more financially constrained supermarket chains raise their prices relative to less financially constrained chains. |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
| Registro 2 de 4 | |
| Autor: | Chevalier, Judith-A - |
| Título: | Do LBO Supermarkets Charge More? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing |
| Fuente: | Journal of Finance. v.50, n.4. American Finance Association |
| Páginas: | pp. 1095-1112 |
| Año: | Sept. 1995 |
| Resumen: | This article examines changes in supermarket prices in local markets following supermarket leveraged buyouts (LBOs). The author finds that prices rise following LBOs in local markets in which the LBO firm’s rivals are also highly leveraged and that LBO firms have higher prices than their less leveraged rivals, suggesting that LBOs create incentives to raise prices. However she also finds that prices fall following LBOs in local markets in which rival firms have low leverage and are concentrated. These price drops are associated with LBO firms exiting the local market suggesting that rivals attempt to ’prey’ on LBO chains. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 3 de 4 | |
| Autor: | Chevalier, Judith-A - |
| Título: | Capital Structure and Product-Market Competition: Empirical Evidence from the Supermarket Industry |
| Fuente: | American Economic Review. v.85, n.3. American Economic Association |
| Páginas: | pp. 415-35 |
| Año: | June 1995 |
| Resumen: | 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 (LBOs) suggests that a LBO announcement increases the market value of the LBO chain’s local rivals. Second, the author shows 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 LBOs. The study suggests that leverage increases in the late 1980s led to softer product-market competition in this industry. |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
| Registro 4 de 4 | |
| Autor: | Chevalier, Judith-A - Scharfstein, David-S - |
| Título: | Liquidity Constraints and the Cyclical Behavior of Markups |
| Fuente: | American Economic Review. v.85, n.2. American Economic Association |
| Páginas: | pp. 390-96 |
| Año: | May 1995 |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
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