Overlapping Ownership, R&D Spillovers, and Antitrust Policy

• 成果类型: Article
• 署名作者: Lopez, Angel L.; Vives, Xavier
• 署名单位: Autonomous University of Barcelona; University of Navarra; IESE Business School
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/701811
• 发表日期: 2019
• 页码: 2394-2437
• 关键词: corporate equity ownership; research joint ventures; cross-ownership; development cooperation; multimarket contact; INNOVATION; COMPETITION; ENFORCEMENT; collusion; WORLD

摘要

This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with overlapping ownership. We show that overlapping ownership leads to internalization of rivals' profits by firms and find that, for demand not too convex, increases in overlapping ownership increase (decrease) R&D and output for high (low) enough spillovers while they increase R&D but decrease output for intermediate levels of spillovers. There is scope for overlapping ownership to improve welfare and consumer surplus, provided that spillovers are sufficiently large. The results obtained are robust when R&D has commitment value and in a Bertrand oligopoly model with product differentiation.