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1 Ekonomický časopis (Journal of Economics)

1 2005

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CONSEQUENCES OF CORPORATE DEBT FINANCING IN PRICE AGREEMENTS' STABILITY

100%

Macas P. , Serrasqueiro Z. , Saraiva P.

Ekonomický časopis (Journal of Economics)

2005

tom 53

nr 10

1038-1050

The present article aims to show that price agreements are more unstable if their companies use debt as a financing instrument. Moreover, the higher the number of companies (that use debt) in a price agreement, the more instable the price agreement will be. Even when companies compete a la Bertrand and if debt financing is high, the duopoly of price agreement will be instable. When debt financing is present, we found there is a higher number of sub-game perfect equilibrium, in a posteriorly a la Cournot competition, then when debt financing is not present and that this (possible) existence of sub-game perfect equilibrium increases as the debt level of financing increases.