서브메뉴
검색
Essays on Competition and Innovation.
Essays on Competition and Innovation.
상세정보
- 자료유형
- 학위논문
- Control Number
- 0017161538
- International Standard Book Number
- 9798382763248
- Dewey Decimal Classification Number
- 658
- Main Entry-Personal Name
- Poberejsky, Roma.
- Publication, Distribution, etc. (Imprint
- [S.l.] : Northwestern University., 2024
- Publication, Distribution, etc. (Imprint
- Ann Arbor : ProQuest Dissertations & Theses, 2024
- Physical Description
- 260 p.
- General Note
- Source: Dissertations Abstracts International, Volume: 85-11, Section: B.
- General Note
- Advisor: Matsa, David.
- Dissertation Note
- Thesis (Ph.D.)--Northwestern University, 2024.
- Summary, Etc.
- 요약This dissertation is comprised of three chapters, exploring aspects of markets, competition, and innovation. The first two chapters study the role of indirect and informal relations between rival firms in determining market outcomes and the extent of competition, while the third chapter investigates how a minor nuclear accident in the 1970s shaped technological progress and the structure of the modern power grid.The first chapter explores the role of interlocking directorates in steering competition and innovation. Holding concurrent seats on boards of rival firms, 'horizontal directors' dampen competition and improve firm performance. In the cross-section of publicUS firms, losing such a connection with a competitor decreases returns by 3 percentage points. I propose a mechanism of market segmentation where horizontal directors mitigate strategic uncertainty and steer firms away from direct competition. Using data on patenting, I show that horizontal interlocks help firms maintain distance in the competitive space and reduce redundancy, increasing innovation quantity by 17% and quality by 30%.Chapter two examines how bank lending relations shape downstream competition between borrowing firms. Lenders may internalize competition among rival borrowers. When financing multiple firms in an industry, banks help facilitate tacit collusion by steering borrowers' investments either through direct control or by alleviating debt overhang. I estimate this portfolio effect using bank mergers as exogenous shocks to the lending network within an industry, and find that common lending decreases investment rates by 3 percentage points, with market power playing a role in the effect on loan amount and credit spreads.The third chapter is joint work with Guillaume Gex and studies the impact of the Three Mile Island nuclear accident on the US electric grid. With the goal of 1000 nuclear power plants by the year 2000, the US was on the path to energy independence. However, the 1979 Three Mile Island accident turned public opinion against nuclear energy and spelled decades of stagnation for the industry. We show that the accident both halted the growth of the US reactor fleet, and stifled innovation in nuclear physics. We propose a mechanism by which accumulated scientific knowledge determines the capacity of nuclear reactors, and find that some 55 billion tons of CO2 emissions, 2.3 million premature deaths, and 14 trillion USD in health costs could have been avoided, had we displaced fossil fuels with nuclear power.
- Subject Added Entry-Topical Term
- Finance.
- Subject Added Entry-Topical Term
- Energy.
- Index Term-Uncontrolled
- Competition and Antitrust
- Index Term-Uncontrolled
- Corporate finance
- Index Term-Uncontrolled
- Corporate governance
- Index Term-Uncontrolled
- Industrial organization
- Index Term-Uncontrolled
- Innovation
- Index Term-Uncontrolled
- Nuclear energy
- Added Entry-Corporate Name
- Northwestern University Finance
- Host Item Entry
- Dissertations Abstracts International. 85-11B.
- Electronic Location and Access
- 로그인을 한후 보실 수 있는 자료입니다.
- Control Number
- joongbu:657702
MARC
008250224s2024 us ||||||||||||||c||eng d■001000017161538
■00520250211151410
■006m o d
■007cr#unu||||||||
■020 ▼a9798382763248
■035 ▼a(MiAaPQ)AAI31292528
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a658
■1001 ▼aPoberejsky, Roma.
■24510▼aEssays on Competition and Innovation.
■260 ▼a[S.l.]▼bNorthwestern University. ▼c2024
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2024
■300 ▼a260 p.
■500 ▼aSource: Dissertations Abstracts International, Volume: 85-11, Section: B.
■500 ▼aAdvisor: Matsa, David.
■5021 ▼aThesis (Ph.D.)--Northwestern University, 2024.
■520 ▼aThis dissertation is comprised of three chapters, exploring aspects of markets, competition, and innovation. The first two chapters study the role of indirect and informal relations between rival firms in determining market outcomes and the extent of competition, while the third chapter investigates how a minor nuclear accident in the 1970s shaped technological progress and the structure of the modern power grid.The first chapter explores the role of interlocking directorates in steering competition and innovation. Holding concurrent seats on boards of rival firms, 'horizontal directors' dampen competition and improve firm performance. In the cross-section of publicUS firms, losing such a connection with a competitor decreases returns by 3 percentage points. I propose a mechanism of market segmentation where horizontal directors mitigate strategic uncertainty and steer firms away from direct competition. Using data on patenting, I show that horizontal interlocks help firms maintain distance in the competitive space and reduce redundancy, increasing innovation quantity by 17% and quality by 30%.Chapter two examines how bank lending relations shape downstream competition between borrowing firms. Lenders may internalize competition among rival borrowers. When financing multiple firms in an industry, banks help facilitate tacit collusion by steering borrowers' investments either through direct control or by alleviating debt overhang. I estimate this portfolio effect using bank mergers as exogenous shocks to the lending network within an industry, and find that common lending decreases investment rates by 3 percentage points, with market power playing a role in the effect on loan amount and credit spreads.The third chapter is joint work with Guillaume Gex and studies the impact of the Three Mile Island nuclear accident on the US electric grid. With the goal of 1000 nuclear power plants by the year 2000, the US was on the path to energy independence. However, the 1979 Three Mile Island accident turned public opinion against nuclear energy and spelled decades of stagnation for the industry. We show that the accident both halted the growth of the US reactor fleet, and stifled innovation in nuclear physics. We propose a mechanism by which accumulated scientific knowledge determines the capacity of nuclear reactors, and find that some 55 billion tons of CO2 emissions, 2.3 million premature deaths, and 14 trillion USD in health costs could have been avoided, had we displaced fossil fuels with nuclear power.
■590 ▼aSchool code: 0163.
■650 4▼aFinance.
■650 4▼aEnergy.
■653 ▼aCompetition and Antitrust
■653 ▼aCorporate finance
■653 ▼aCorporate governance
■653 ▼aIndustrial organization
■653 ▼aInnovation
■653 ▼aNuclear energy
■690 ▼a0501
■690 ▼a0508
■690 ▼a0509
■690 ▼a0272
■690 ▼a0791
■71020▼aNorthwestern University▼bFinance.
■7730 ▼tDissertations Abstracts International▼g85-11B.
■790 ▼a0163
■791 ▼aPh.D.
■792 ▼a2024
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17161538▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
