Corporate Liquidity in Games of Monopoly Power
Cross-sectional variation in corporate liquidity within a sample of large U.S. corporations suggests that there are material effects from product market competition. The empirical evidence is consistent with an oligopolistic model wherein liquid assets are employed both to signal commitment to retal...
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| Veröffentlicht in: | The review of economics and statistics 1987-05, Vol.69 (2), p.312-319 |
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| container_title | The review of economics and statistics |
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| creator | Baskin, Jonathan |
| description | Cross-sectional variation in corporate liquidity within a sample of large U.S. corporations suggests that there are material effects from product market competition. The empirical evidence is consistent with an oligopolistic model wherein liquid assets are employed both to signal commitment to retaliate against market encroachment and to enable firms to rapidly preempt new opportunities. As predicted, firms with high valuation and spending on intangibles, in certain strategic positions, hold large stocks of liquid assets. |
| doi_str_mv | 10.2307/1927239 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0034-6535 |
| ispartof | The review of economics and statistics, 1987-05, Vol.69 (2), p.312-319 |
| issn | 0034-6535 1530-9142 |
| language | eng |
| recordid | cdi_proquest_journals_194677352 |
| source | Jstor Complete Legacy; Business Source Complete; Periodicals Index Online; JSTOR Mathematics & Statistics |
| subjects | Capital investments Capital structure Competition Economic theory Financial investments Game theory Incumbents Liquid assets Liquidity Marketable securities Monopoly power Oligopolies Oligopoly Regression analysis Rivalry Studies Warfare |
| title | Corporate Liquidity in Games of Monopoly Power |
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