Knowledge transfer and partial equity ownership
研究了企业联盟中部分股权所有权如何通过促进知识转移提升合作方利润，但也会因引发其他企业更激进的竞争而降低联合利润，并探讨了反垄断含义。
Abstract An alliance often involves one firm acquiring an equity stake in its alliance partner. We explore oligopoly models that capture the link between knowledge transfer and partial equity ownership (PEO), where alliance partners can choose the level of PEO. PEO can increase the alliance partners' profitability by inducing knowledge transfer, but the PEO itself reduces their joint profit because it induces other firms to take more aggressive actions. This trade‐off endogenously determines the level of PEO, which can benefit consumers and/or improve welfare. Given the growing antitrust interest in PEO, we explore the antitrust implications of our analysis.