Cross ownership and divestment incentives
研究发现，在古诺双寡头市场中，即使交叉持股能提高行业利润，企业仍有单方面激励将持有的竞争对手少数股权转售给外部投资者，导致完全撤资，从而动摇交叉持股的稳定性。
Even though cross ownership raises industry profits, we demonstrate that it is prone to a commitment problem. Specifically, we show that producers in a Cournot duopoly have unilateral incentives to resell their minority share-holdings in the rival to outside investors, leading to an equilibrium with complete divestments. This feature challenges the stability of cross ownership configurations.