How Do Capital Markets Influence Product Market Competition?

Michael Riordan

Review of Industrial Organization, 2003, vol. 23, issue 3_4, 179-191

Abstract: This article is the written version of the author's keynote presentation to the inaugural International Industrial Organization Conference held in Boston on April 4--5, 2003. It summarizes selectively a literature on the interaction between the capital and product markets at the nexus of industrial organization and corporate finance, and develops two key insights. First, capital market constraints on an individual firm are determined at the level of the industry and depend on product market competition. Second, capital markets constrain the product strategy of firms and thereby influence product market performance.

Date: 2003
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