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Capital structure under collusion

dc.rights.licenseAttribution-NonCommercial-NoDerivatives 4.0 Internacional*
dc.contributor.authorFerrés, Daniel
dc.contributor.authorOrmazabal, Gaizka
dc.contributor.authorPovel, Paul
dc.contributor.authorSertsios, Giorgio
dc.date.accessioned2022-10-05T19:47:38Z
dc.date.available2022-10-05T19:47:38Z
dc.date.issued2021es
dc.identifier.issn1096-0473es
dc.identifier.urihttps://hdl.handle.net/20.500.12806/1394
dc.format.mimetypeapplication/pdfes
dc.languageenges
dc.publisherElsevieres
dc.relation.ispartofJournal of Financial Intermediation, vol. 45, 100854es
dc.rightsAbiertoes
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.titleCapital structure under collusiones
dc.typeArtículoes
dc.contributor.filiacionFerrés, Daniel. Universidad de Montevideo, Uruguayes
dc.identifier.doihttps://doi.org/10.1016/j.jfi.2020.100854es
dc.type.versionAceptadaes
dc.description.abstractenglishWe analyze the financial leverage of firms that collude to soften product market competition, by forming a cartel. We find that cartel firms have lower leverage during collusion periods. This is consistent with the idea that cartel firms strategically reduce leverage to make their cartels more stable, because high leverage makes deviations from a cartel agreement more attractive. Given that cartels have a large economic footprint, their study is also relevant for the capital structure literature, which has largely ignored the role of anti-competitive behavior.
dc.subject.keywordCapital structurees
dc.subject.keywordFinancial leveragees
dc.subject.keywordCollusiones
dc.subject.keywordCartelses

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Attribution-NonCommercial-NoDerivatives 4.0 Internacional
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