• Publications
  • Influence
Cross-border mergers and acquisitions vs. greenfield foreign direct investment: The role of firm heterogeneity
Abstract We develop a general equilibrium model with heterogeneous firms to address two sets of questions: (1) what are the characteristics of firms that choose the various modes of foreign marketExpand
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Firm Turnover in Imperfectly Competitive Markets
This paper is motivated by the empirical regularity that industries differ greatly in the level of firm turnover and that entry and exit rates are positively correlated across industries. OurExpand
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An Assignment Theory of Foreign Direct Investment
We develop an assignment theory to analyze the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-borderExpand
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Do Vertical Mergers Facilitate Upstream Collusion?
In this paper we investigate the impact of vertical mergers on upstream firms' ability to sustain collusion. We show in a number of models that the net effect of vertical integration is to facilitateExpand
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Dynamic Merger Review
We analyze the optimal dynamic policy of an antitrust authority toward horizontal mergers when merger proposals are endogenous and occur over time. Approving a currently proposed merger may affectExpand
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Globalization and Endogenous Firm Scope
We develop a theory of multiproduct firms to analyze the effects of globalization on the distributions of firm size, scope, and productivity. Our model explains two puzzles. First, it explains theExpand
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An Aggregative Games Approach to Merger Analysis in Multiproduct-Firm Oligopoly
Using an aggregative games approach, we analyze horizontal mergers in a model of multiproduct-firm price competition with nested CES or nested logit demands. We show that the Herfindahl indexExpand
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Multiproduct-Firm Oligopoly: An Aggregative Games Approach
We develop an aggregative games approach to study oligopolistic price competition with multiproduct firms. We introduce a new class of demand systems, derived from discrete/continuous choice, andExpand
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Platform Ownership
We develop a general theoretical framework of trade on a platform on which buyers and sellers interact. The platform may be owned by a single large, or many small independent or vertically integratedExpand
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When and How the Punishment Must Fit the Crime
In repeated normal-form (simultaneous-move) games, simple penal codes (Abreu, 1986, 1988) permit an elegant characterization of the set of subgame-perfect outcomes. We show that the logic of simpleExpand
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