Irreversible Investment, Financing, and Bankruptcy Decisions in an Oligopoly
在连续时间模型中考察企业债务水平、投资时机和投资规模选择，发现竞争会降低产出价格，促使企业等待更高需求才投资，并分析了不确定性、破产成本和公司税的影响。
Abstract This paper examines a firm's debt level, investment timing, and investment scale choices in a continuous-time model where the output price of a good that the firm produces depends on a stochastic demand-shift variable and the total industry supply of the good. Using the simple symmetric Cournot-Nash equilibrium assumption that all firms are identical and therefore follow the same financing and investment strategies, we show that competition decreases the output price and hence encourages a firm to wait for a higher demand level before it is profitable to invest. We also demonstrate how uncertainty, bankruptcy costs, and corporate taxation affect the firm's financing and investment decisions.