Three Essays on the Effects of Foreign Competition on the Relation Between Market Structure and Performance PDF Download
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Author: Inbom Choi
Publisher:
ISBN:
Category : Competition, International
Languages : en
Pages : 314
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Author: Inbom Choi
Publisher:
ISBN:
Category : Competition, International
Languages : en
Pages : 314
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Book Description
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 734
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Author: Yifan Li
Publisher:
ISBN:
Category :
Languages : en
Pages :
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"This thesis investigates the impacts of changes in the trading environment on the behavior and performance of exportingfirms and of firms that import intermediate inputs. The thesis consists of three essays. Each essay contributesboth a theoretical development and an empirical analysis, using large scaled micro data from multiple sources. Thefirst essay studies how increased import penetration of inputs affects firms’ optimal mark-up and industry concentration.A theoretical model is developed to show how firms, operating under monopolistic competition, may choose toincur a fixed cost of foreign sourcing in order to replace some domestically sourced input with more efficient foreignsubstitutes. It is shown that changes in variable trade costs not only affect firms’ importing decision but also thenumber and identity of firms in the market and ultimately markups and market structure. We find evidence of a positiverelationship between imported input penetration and markup: the average markup rises when import penetrationincreases following a reduction in trade costs. The second essay develops a two-stage theoretical model to investigatehow firms’ decision on the number of varieties to export (i.e., their export scope) depends on exchange rate volatilityand on other characteristics of the destination countries. In the model, in the first stage, multi-product firms decide ontheir optimal product scope (the number of varieties to be produced for exporting), incurring fixed investment costs.In the second stage, they decide on the export scope for each destination country, based on country-specific tradecosts and expectation of idiosyncratic exchange rate shocks. Firms reduce their export scope to destination countriesthat suffer negative demand shocks, but they cannot increase their export scope beyond the production scope that theyhave chosen in the first stage. Using Chinese customs transaction data, we are able to provide empirical evidence thatsupports the predictions of our theoretical model. The third essay studies the effect of foreign tariff reductions on the adjustment of average quality and export scope of multi-product exporting firms, using China’s firm-level microdata and highly disaggregated customs data from 2000 to 2006. We find that in response to tariff cuts in destinationcountries, exporting firms upgrade product quality and adjust export scope. Our finding provides a novel explanationof what the phenomenon called incomplete tariff pass-through. A fall in the tariff rate seems to be associated with anincrease in the tariff-inclusive prices, but this is because the price data has not been adjusted to reflect the increase inproduct quality"--
Author: Dalia Sami Hakura
Publisher:
ISBN:
Category :
Languages : en
Pages : 436
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Author:
Publisher:
ISBN:
Category : Competition
Languages : en
Pages : 168
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The thesis is made up of three chapters: The first chapter estimates the effects of antitrust investigations on the market value of the investigated firms. This analysis offers insights on the performance of competition policy and its enforcement. The interest is on investigations carried out by the Italian Competition Authority between 1991 and 2007. We find that the start of the investigation is associated with an average drop of 0.6% in the market value of investigated firms and a later infringement decision implies an average drop of 1%. The event associated with the highest impact is the decision of the last Court of Appeal. When the last Court upholds the Authority's infringement decision the market value of firms drops between 3% and 6%. Interestingly, there is no effect when the last Court annuls the Authority's decision. The second and third chapters study the effects, on retail fuel prices, of a price comparison policy (a typical consumer policy intervention) introduced in the Italian pay-toll highways refueling market. In particular, the second chapter performs an empirical analysis while the third chapter presents an agent based computational economic (ACE) model, which aims to rationalize the empirical evidence and to inform the policy design. Differently from what was expected (by policy makers and consumers associations), the empirical analysis finds that the price comparison policy is associated with a small, but statistically significant, increase in the average price of fuel (0.55 euro cents per liter). Nevertheless, despite this average increase in fuel prices, the policy might help (active) consumers make informed choices and save around 1 euro cent per liter. The ACE model predicts that the introduction of price comparison has a limited effect on market prices as price competition among retailers is only marginally fostered. In addition, the model suggests that consumers that make use of price comparison might save around 0.5 euro cents per liter. These results are consistent with the empirical findings in suggesting that the price comparison policy had a limited impact on fuel retail prices and the overall effect on consumers is mixed.
Author:
Publisher:
ISBN:
Category : Asia
Languages : en
Pages : 182
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Author: Simeon Djankov
Publisher:
ISBN:
Category : Europe, Eastern
Languages : en
Pages : 218
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Author: Zhixiang Liang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Much of the literature on emerging market Business Group (henceforth BG) views the subject in a monochrome 'paragons or parasites' dichotomy. In these divergent perspectives, BGs have either a positive or negative effect on economic and institutional development. In the paragon view, BGs emerge as an organizing mechanism to address weak institutions by internalizing market transactions. However, with the development of market-supporting institutions, BGs become less efficient and theory predicts their dissolution and replacement with independent freestanding firms. In the parasite view, BGs emerge but develop strong economic and political power, which are used to block the development of market supporting institutions and support their entrenchment in a stagnant domestic economy, consistent with a middle-income trap.The overarching goal of this thesis is to address this dichotomous paradigm and investigate why neither perspective adequately explains the phenomenon of long-lived and efficient BGs. In some economies, BGs emerge, persist, and exhibit increasing efficiency and international competitiveness accompanied by continuing institutional development. More specifically, this thesis aims to offer more nuanced understanding between BGs and their institutional context to understand their resilience during market transitions. The dissertation addresses its theme with three related essays. The first investigates the fundamental source of the emergence and persistence of BG in a shifting institutional environment. Empirical results show that several complementary bundles of management practice differentiate BG affiliates and independent firms in the early phase of development but become less prominent at later stages. The second essay considers the export performance of BG affiliates through organizational capability lens to distinguish between market and nonmarket capabilities. This paper finds support for the hypothesis that BGs utilized superior nonmarket capabilities on enhancing their export performance and suppressing other's internationalization, but these advantages would be mitigated in a jurisdiction with better political and social support. The third essay complements process theories of emerging market BGs internationalization by considering the structural conditions for successful early-stage internationalization. We propose that international political economy origins have long-lasting path-dependent effects on BG strategy and structure and find strong evidence that BG affiliates in Latin America are less likely to export than are those in Asia. The overall implication of the thesis is to present a vibrant picture of BGs in their institutional context. Empirically, this thesis is among the first few to perform empirical research with firm-level microdata BG, collected from the World Bank Enterprise Surveys. The large multi-country dataset allows for a comparative analysis of the issues, while most BG research focuses on single country settings. This thesis contributes a cross-country study using a BG standard definition, thereby adding to a comparative understanding of BG persistence. This thesis also adds to the literature by identifying explicitly non-financial consequences of group affiliation. To sum up, this thesis offers insights for future research on the broader spectrum regarding institutional spheres where BGs associated with and its either positive or negative inter-connections.
Author: SangYoun Lee
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This dissertation tried to understand the patterns and the degree to which new foreign firms raise capital and survive in the U.S stock market. We focus on isomorphism, alliance networks, and managerial actions. The first dissertation paper investigates whether foreign initial public offering (IPO) firms which exhibit stronger isomorphism to the characteristics of U.S. domestic IPO firms attain higher valuation from market investors. When analyzing 200 foreign IPO firms, we found that while board capital isomorphism (U.S education and work experience) has no significant effect on IPO performance, IPO process isomorphism has significant effects on foreign firms' IPO performance.
Author: Edward Montgomery Graham
Publisher: Peterson Institute
ISBN: 9780881321661
Category : Business & Economics
Languages : en
Pages : 620
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There is growing consensus among international trade negotiators and policymakers that a prime area for future multilateral discussion is competition policy. Competition policy includes antitrust policy (including merger regulation and control) but is often extended to include international trade measures and other policies that affect the structure, conduct, and performance of individual industries. This study includes country studies of competition policy in Western Europe, North America, and the Far East (with a focus on Japan) in the light of increasingly globalized activities of business firms. Areas where there are major differences in philosophy, policy, or practice are identified, with emphasis on those differences that could lead to economic costs and international friction. Alternatives for eliminating these costs and frictions are discussed, including unilateral policy changes, bilateral or multilateral harmonization of policies, and creation of new international regimes to supplement or replace national or regional regimes.
