Capital Structure and Product-Market Competition: Empirical Evidence from the Supermarket Industry
利用超市行业数据，发现杠杆收购公告会提升竞争对手市值，且杠杆收购比例高的市场更易吸引新进入者，表明高杠杆会弱化产品市场竞争。
This paper establishes an empirical link between firm capital structure and product-market competition using data from local supermarket competition. First, an event-study analysis of supermarket leveraged buyouts (LBOs) suggests that a LBO announcement increases the market value of the LBO chain's local rivals. Second, the author shows that supermarket chains were more likely to enter and expand in a local market if a large share of the incumbent firms in the local market undertook LBOs. The study suggests that leverage increases in the late 1980s led to softer product-market competition in this industry. Copyright 1995 by American Economic Association.