财务状况和产品市场合作外文文献翻译.doc

外文文献翻译 原文及译文 (本文档归max118网hh2018所有，仅供下载使用) 标题：Financial condition and product market cooperation 作者：Matthew T.Gustafson, Ivan T.Ivanov, JohnRitter 期刊：Journal of Corporate Finance，第31卷，页码：1-16 年份：2015 字数：译文6000多字 原文 Financial condition and product market cooperation Matthew T.Gustafson, Ivan T.Ivanov, JohnRitter Abstract We provide evidence that existing studies relating financial condition to product market cooperation produce mixed results because of unique features of the industries examined. In particular, all evidence suggesting that poor financial condition decreases cooperation comes from the airline industry during periods of high idle capacity. Using a unique data set of aggregate airfare hikes and a more recent low-idle-capacity period, we find that poor financial condition is positively associated with product market cooperation. Although financially weak airlines appear to value the immediate cash flows of increased cooperation, only liquidity-constrained firms seem willing to incur the cost of cooperative attempts. Keywords: Financial distress, Product market cooperation, Liquidity, Capacity constraints, Airfare hikes 1.?Introduction Modigliani and Miller (1958)?show that under assumptions such as no transaction costs and unfettered access to financial markets, product market decisions should be independent of firm financial policy. Nevertheless, there is evidence that both industry- and firm-level financial conditions determine the extent to which firms cooperate. For instance,?Chevalier (1995a,b),?Chevalier and Scharfstein (1995, 1996),?Phillips (1995), and?Campello (2003)?all find that poor financial condition leads to more cooperation or higher price markups. In contrast,?Borenstein and Rose (1995),?Busse (2002), and?Phillips and Sertsios (2013)?find that poor financial condition reduces the incentive to cooperate. We provide evidence that the reason existing studies relating financial condition to product market cooperation produce mixed results is