Per accedir als documents amb el text complet, si us plau, seguiu el següent enllaç: http://hdl.handle.net/10230/1179
Títol:
|
A model of conglomeration and synergy traps
|
Autor/a:
|
Oliva, M. Àngels; Rivera-Bátiz, Luis
|
Altres autors:
|
Universitat Pompeu Fabra. Departament d'Economia i Empresa |
Abstract:
|
We present a model of conglomeration motivated by technology synergies and strategic reductions in variable costs in the face of competitive pressures. The resulting firm integration is neither horizontal nor vertical but rather congeneric integration of firms in related industries. We endogenize the industrial conglomeration structure and examine the effects of competition between conglomerates, and between a conglomerate and independent firms. We show that there is an equilibrium synergy trap in which conglomerates are formed to exploit economies of scope, but resulting profits are lower than under the status quo. We also show that strategic firm integration can occur even in the presence of diseconomies of scope. The model helps to explain features of recent mergers and acquisitions experience. |
Matèries:
|
-conglomerate -integration -synergy -strategy -Finance and Accounting |
Drets:
|
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
http://creativecommons.org/licenses/by-nc-nd/3.0/es/ |
Tipus de document:
|
Document de treball |
Compartir:
|
|
Mostra el registre complet del document