Capital structure under collusion

Ferrés, Daniel; Ormazabal, Gaizka; Povel, Paul; Sertsios, Giorgio

dc.rights.license	Attribution-NonCommercial-NoDerivatives 4.0 Internacional	*
dc.contributor.author	Ferrés, Daniel
dc.contributor.author	Ormazabal, Gaizka
dc.contributor.author	Povel, Paul
dc.contributor.author	Sertsios, Giorgio
dc.date.accessioned	2022-04-27T18:54:45Z
dc.date.available	2022-04-27T18:54:45Z
dc.date.issued	2016	es
dc.identifier.uri	https://hdl.handle.net/20.500.12806/1352
dc.description.abstract	We study the financial leverage of firms that collude by forming a cartel. We find that cartel firms have lower leverage ratios during collusion periods, consistent with the idea that reductions in leverage help increase cartel stability. Cartel firms have a surprisingly large economic footprint (they represent more than 20% of the total market capitalization in the U.S.), so understanding their decisions is relevant. Our findings show that anti-competitive behavior has a significant effect on capital structure choices. They also shed new light on the relation between profitability and financial leverage.	es
dc.format.extent	62 p.	es
dc.format.mimetype	application/pdf	es
dc.language	eng	es
dc.publisher	Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía, Departamento de Economía	es
dc.relation.ispartof	Documentos de trabajo del Departamento de Economía	es
dc.rights	Abierto	es
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	*
dc.subject	Capital structure	es
dc.subject	Financial leverage	es
dc.subject	Financial policies	es
dc.subject	Collusion	es
dc.subject	Cartels	es
dc.subject	Trigger strategies	es
dc.title	Capital structure under collusion	es
dc.type	Documento de trabajo	es
dc.contributor.filiacion	Ferrés, Daniel. Universidad de Montevideo, Uruguay	es
dc.contributor.filiacion	Ormazabal, Gaizka. IESE Business School	es
dc.contributor.filiacion	Povel, Paul. University of Houston	es
dc.contributor.filiacion	Sertsios, Giorgio. Universidad de los Andes	es
dc.type.version	Publicada	es

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