The B.E. Journal of Economic Analysis & Policy
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Capital Structure and Entry Deterrence with Multiple Incumbents
1Universidad Catolica de Chile, (email)
Citation Information: The B.E. Journal of Economic Analysis & Policy. Volume 7, Issue 1, ISSN (Online) 1935-1682, DOI: 10.2202/1935-1682.1590, May 2007
- Published Online:
This paper uses a two-stage Cournot duopoly model with demand uncertainly to examine the strategic role debt plays in deterring a company from entering when a potential entrant can enter one of several markets. We show that as the number of alternative markets available for entry rises, the incumbents' incentive to use debt as a deterrent falls. Thus, a potential entrant will prefer to have a larger number of alternative markets to enter in order to lower the incumbents' incentive to take strategic actions against it.