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TUPD-2022-013

表 題 Excess Liquidity against Predation
著 者 図斎 大

東北大学経済学研究科 准教授

P D F
要 旨

To investigate why a firm may hold excess liquidity, we examine a duopoly competition in which a shallow-pocket entrant needs the financial support of an outside investor to pay for input costs and launch a business. We allow the investor to terminate the entry if they find the incumbent react too aggressively to the entry plan. However, such an exit option creates a threat of predation by a deep-pocket competitor. To avoid predation, the entrant must raise precautionary liquidity by taking out a loan both larger and further in advance than is actually needed. An entrant with little start-up capital will be less aggressive if the incumbent’s capacity size is unverifiable, because the need to raise precautionary liquidity restricts the entrant’s feasible capacity size.

キーワード 過剰流動性 excess liquidity, 競争者排除型(略奪的)行為 predation, 金融契約 financial contract
発行年月 2022年 8月

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