Product market efficiency: the bright side of myopic, uninformed, and passive external finance
We show that introducing an external capital market with information asymmetry into a product market model reduces opportunistic substitution of sub-standard goods and encourages producers to concentrate on long-run reputation building. We test this result with a laboratory experiment. We find tha...
| Asıl Yazarlar: | , , |
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| Materyal Türü: | Working paper |
| Baskı/Yayın Bilgisi: |
University of Oxford
2008
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