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Excerpt from Agency Problems, Financial Contracting, and Predation
We conclude these introductory remarks by contrasting our paper to three related literatures. The first is the recent game-theoretic work on predation.4 This literature shares with ours the feature that predation is rational. It differs, however, in that predation is viewed as an attempt to convince rivals that it would be unprofitable to remain in the industry; predation changes rivals' beliefs about industry demand or the predator's costs. In our paper, there is common knowledge that production in each period is a positive net present value investment.5 Thus, predation does not work by changing rivals' beliefs. Rather, predation adversely affects the agency relationship between the firm and its creditors.
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Excerpt from Agency Problems, Financial Contracting, and Predation
We conclude these introductory remarks by contrasting our paper to three related literatures. The first is the recent game-theoretic work on predation.4 This literature shares with ours the feature that predation is rational. It differs, however, in that predation is viewed as an attempt to convince rivals that it would be unprofitable to remain in the industry; predation changes rivals' beliefs about industry demand or the predator's costs. In our paper, there is common knowledge that production in each period is a positive net present value investment.5 Thus, predation does not work by changing rivals' beliefs. Rather, predation adversely affects the agency relationship between the firm and its creditors.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Agency Problems, Financial Contracting, and Predation (Classic Reprint)
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Paperback. Zustand: New. Print on Demand. This book explores the relationship between company finances and competition, proposing that common business practices may increase susceptibility to predatory behaviour. The author presents a new theory, known as 'predation theory'. This theory states that when a company secures its financial position through external sources, it is more likely to face predatory practices from competitors. The author argues that accessing external investment to offset operational costs, such as through venture capital or loans, creates a risk of 'predation' by rivals. This method of financing often requires adherence to strict performance targets and may force companies to accept unfavourable terms. As a result, competitors may deliberately take actions that reduce the company's profit margins, ultimately forcing it out of the market. The author also considers the concept of 'deep pockets' - when companies have ample financial resources - and argues that this can also lead to increased predation. The book contends that the common practice of using external financing to cover upfront costs could lead to a higher probability of underhanded tactics from competitors. It presents a sophisticated analysis of the interaction between financial strategy and aggressive market behaviour, highlighting the nuances and complexities present in the corporate world. The book's insights contribute to our understanding of business dynamics and the interplay between financial decisions and competitive advantage. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Bestandsnummer des Verkäufers 9781332248551_0
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Agency Problems, Financial Contracting, and Predation Classic Reprint
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Agency Problems, Financial Contracting, and Predation Classic Reprint
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Agency Problems, Financial Contracting, and Predation (Classic Reprint)
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Zustand: Sehr gut. Zustand: Sehr gut | Sprache: Englisch | Produktart: Bücher. Bestandsnummer des Verkäufers 26074994/2
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