Entry, exit and mergers: a competitive equilibrium model with financial frictions

Autores
Fossati, Román
Año de publicación
2005
Idioma
inglés
Tipo de recurso
tesis de maestría
Estado
versión aceptada
Colaborador/a o director/a de tesis
Kawamura, Enrique
Descripción
This paper examines a dynamic stochastic model of a competitive industry with heterogeneous firms that allows for entry, exit and mergers of firms in equilibrium. The model we build is an extension of a modified version of Jovanovic and Rousseau's (2002) model that introduces financial frictions, describes the market for corporate control and endogenizes its equilibrium price, and develops a stationary equilibrium à la Hopenhayn (1992). It provides a theoretical framework within which to study factors affecting variables such as entry, exit and investment through direct unbundled capital good purchase and mergers. This work contributes to the literature by suggesting another explanation to many empirical regularities and describing one more mechanism through which aggregate liquidity shocks may affect merger activity. The results suggest that due to asymmetric information about entrepreneur's survival probabilities aggregate liquidity shocks may contribute to codetermine the turnover rate of firms and investment levels through mergers.
Magister en Economía
Universidad Nacional de La Plata
Facultad de Ciencias Económicas
Materia
Ciencias Económicas
entry and exit; financial frictions; mergers; technological change
Economía
Operaciones financieras
Equilibrio económico
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by/3.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/3346
Acceder
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oai_identifier_str oai:sedici.unlp.edu.ar:10915/3346
network_acronym_str SEDICI
repository_id_str 1329
network_name_str SEDICI (UNLP)
spelling Entry, exit and mergers: a competitive equilibrium model with financial frictionsFossati, RománCiencias Económicasentry and exit; financial frictions; mergers; technological changeEconomíaOperaciones financierasEquilibrio económicoThis paper examines a dynamic stochastic model of a competitive industry with heterogeneous firms that allows for entry, exit and mergers of firms in equilibrium. The model we build is an extension of a modified version of Jovanovic and Rousseau's (2002) model that introduces financial frictions, describes the market for corporate control and endogenizes its equilibrium price, and develops a stationary equilibrium à la Hopenhayn (1992). It provides a theoretical framework within which to study factors affecting variables such as entry, exit and investment through direct unbundled capital good purchase and mergers. This work contributes to the literature by suggesting another explanation to many empirical regularities and describing one more mechanism through which aggregate liquidity shocks may affect merger activity. The results suggest that due to asymmetric information about entrepreneur's survival probabilities aggregate liquidity shocks may contribute to codetermine the turnover rate of firms and investment levels through mergers.Magister en EconomíaUniversidad Nacional de La PlataFacultad de Ciencias EconómicasKawamura, Enrique2005info:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/acceptedVersionTesis de maestriahttp://purl.org/coar/resource_type/c_bdccinfo:ar-repo/semantics/tesisDeMaestriaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/3346https://doi.org/10.35537/10915/3346enginfo:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/maestria/tesis/037-tesis-fossati.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/3.0/Creative Commons Attribution 3.0 Unported (CC BY 3.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-29T10:49:11Zoai:sedici.unlp.edu.ar:10915/3346Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-29 10:49:11.904SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv Entry, exit and mergers: a competitive equilibrium model with financial frictions
title Entry, exit and mergers: a competitive equilibrium model with financial frictions
spellingShingle Entry, exit and mergers: a competitive equilibrium model with financial frictions
Fossati, Román
Ciencias Económicas
entry and exit; financial frictions; mergers; technological change
Economía
Operaciones financieras
Equilibrio económico
title_short Entry, exit and mergers: a competitive equilibrium model with financial frictions
title_full Entry, exit and mergers: a competitive equilibrium model with financial frictions
title_fullStr Entry, exit and mergers: a competitive equilibrium model with financial frictions
title_full_unstemmed Entry, exit and mergers: a competitive equilibrium model with financial frictions
title_sort Entry, exit and mergers: a competitive equilibrium model with financial frictions
dc.creator.none.fl_str_mv Fossati, Román
author Fossati, Román
author_facet Fossati, Román
author_role author
dc.contributor.none.fl_str_mv Kawamura, Enrique
dc.subject.none.fl_str_mv Ciencias Económicas
entry and exit; financial frictions; mergers; technological change
Economía
Operaciones financieras
Equilibrio económico
topic Ciencias Económicas
entry and exit; financial frictions; mergers; technological change
Economía
Operaciones financieras
Equilibrio económico
dc.description.none.fl_txt_mv This paper examines a dynamic stochastic model of a competitive industry with heterogeneous firms that allows for entry, exit and mergers of firms in equilibrium. The model we build is an extension of a modified version of Jovanovic and Rousseau's (2002) model that introduces financial frictions, describes the market for corporate control and endogenizes its equilibrium price, and develops a stationary equilibrium à la Hopenhayn (1992). It provides a theoretical framework within which to study factors affecting variables such as entry, exit and investment through direct unbundled capital good purchase and mergers. This work contributes to the literature by suggesting another explanation to many empirical regularities and describing one more mechanism through which aggregate liquidity shocks may affect merger activity. The results suggest that due to asymmetric information about entrepreneur's survival probabilities aggregate liquidity shocks may contribute to codetermine the turnover rate of firms and investment levels through mergers.
Magister en Economía
Universidad Nacional de La Plata
Facultad de Ciencias Económicas
description This paper examines a dynamic stochastic model of a competitive industry with heterogeneous firms that allows for entry, exit and mergers of firms in equilibrium. The model we build is an extension of a modified version of Jovanovic and Rousseau's (2002) model that introduces financial frictions, describes the market for corporate control and endogenizes its equilibrium price, and develops a stationary equilibrium à la Hopenhayn (1992). It provides a theoretical framework within which to study factors affecting variables such as entry, exit and investment through direct unbundled capital good purchase and mergers. This work contributes to the literature by suggesting another explanation to many empirical regularities and describing one more mechanism through which aggregate liquidity shocks may affect merger activity. The results suggest that due to asymmetric information about entrepreneur's survival probabilities aggregate liquidity shocks may contribute to codetermine the turnover rate of firms and investment levels through mergers.
publishDate 2005
dc.date.none.fl_str_mv 2005
dc.type.none.fl_str_mv info:eu-repo/semantics/masterThesis
info:eu-repo/semantics/acceptedVersion
Tesis de maestria
http://purl.org/coar/resource_type/c_bdcc
info:ar-repo/semantics/tesisDeMaestria
format masterThesis
status_str acceptedVersion
dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/3346
https://doi.org/10.35537/10915/3346
url http://sedici.unlp.edu.ar/handle/10915/3346
https://doi.org/10.35537/10915/3346
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/maestria/tesis/037-tesis-fossati.pdf
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by/3.0/
Creative Commons Attribution 3.0 Unported (CC BY 3.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/3.0/
Creative Commons Attribution 3.0 Unported (CC BY 3.0)
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:SEDICI (UNLP)
instname:Universidad Nacional de La Plata
instacron:UNLP
reponame_str SEDICI (UNLP)
collection SEDICI (UNLP)
instname_str Universidad Nacional de La Plata
instacron_str UNLP
institution UNLP
repository.name.fl_str_mv SEDICI (UNLP) - Universidad Nacional de La Plata
repository.mail.fl_str_mv alira@sedici.unlp.edu.ar
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