Profit formulation and equilibrium strategy of firms with cross-shareholding
Finance Research Letters(2021)
摘要
•A profit formulation of cross-shareholding revising previous literature is given.•Equilibrium strategies consist of equilibrium equities and equilibrium outputs.•Equilibrium strategies benefit the firms and consumer if products are complements.•Equilibrium strategies reduce consumer surplus if products are substitutes.•Limiting cross-shareholdings increases consumer surplus for substitutes market.
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关键词
Cross-shareholding,Profit formulation,Operational decision,Equilibrium strategy,Economic welfare
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