研討日期	2024年10月14日12:10-13:50
研討地點	國立臺灣大學社會科學院710會議室
主講題目 Title of the paper	Downstream Cross-Holdings and Upstream R&D
作者 Authors of the paper	Qing Hu, Aika Monden, Tomomichi Mizuno
文獻出處 Journal, vol.(issue), pp	The Journal of Industrial Economics Volume70, Issue3, September 2022, Pages 775-789 https://doi.org/10.1111/joie.12257
主講人	洪睿翔
參加人員	黃鴻、林燕淑、施姵全、許至乙、高國峯、 Bui Dang-Long、Ayu Sasni Munte、Micah Mainala、Anggoro Prihandoko、 Bastien Latour、楊雅堂、洪睿翔
摘要 Abstract of the Paper	Cross-holdings affect firms’ behavior in other vertically related markets. We consider a vertical market with two downstream firms and an upstream firm engaging in cost-reducing R&D. Since downstream cross-holdings weaken downstream competition, the upstream firm also decreases its investment. Hence, we find that as the degree of downstream cross-holdings increases, input price increases and investment level decreases. Although cross-holdings have this negative effect on downstream firms’ profits, they increase the downstream firms’ profits if the investment technology is inefficient. Finally, we show that with inefficient upstream investment, total surplus increases with cross-holdings, while consumer surplus always decreases with cross-holdings.