Pricing Strategy and Financial Policy
近期实证证据表明资本结构变化会影响定价策略：行业主要企业杠杆收购后通常提价，杠杆更高的企业平均定价更高，但若竞争对手杠杆较低则存在例外。
Recent empirical evidence indicates that capital structure changes affect pricing strategies. In most cases, prices increase following the implementation of a leveraged buyout of a major firm in an industry, with the more leveraged firm in the industry charging higher prices on average. Notable exceptions exist, however, when the leverage increasing firm's rival is relatively unlevered. The first observation is consistent with a model where firms compete for market share on the basis of price. The second observation can be explained within the context of a Stackelberg model where the relatively unlevered rival acts as the Stackelberg price leader.