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Partial Vertical Integration, Ownership Structure, and Foreclosure

Author

Listed:
  • Nadav Levy
  • Yossi Spiegel
  • David Gilo

Abstract

We study the incentive to acquire a partial stake in a vertically related firm and then foreclose rivals. We show that whether such partial acquisitions are profitable depends crucially on the initial ownership structure of the target firm and on corporate governance.

Suggested Citation

  • Nadav Levy & Yossi Spiegel & David Gilo, 2018. "Partial Vertical Integration, Ownership Structure, and Foreclosure," American Economic Journal: Microeconomics, American Economic Association, vol. 10(1), pages 132-180, February.
    • Handle: RePEc:aea:aejmic:v:10:y:2018:i:1:p:132-80
    Note: DOI: 10.1257/mic.20160058
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    More about this item

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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