Oligopoly, Financial Structure and Asset Liquidity

Dermot Nolan
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Dermot Nolan: Department of Economics, Royal Holloway, University of London

No 99/5, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: This paper takes the oligopoly model of Brander and Lewis and extents it to examine the consequences of bankruptcy for product market competition. We find that firms are less aggressive than they predict and find that firms with intangible assets will be more aggressive and will have higher outputs than other firms. This effect strengthens as debt level rise, and we show that intangible asset firms will wish to adopt higher level than their competitors.

JEL-codes: G3 (search for similar items in EconPapers)
Pages: pages
Date: 2000-02, Revised 2000-02
New Economics Papers: this item is included in nep-fin
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