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Do LBO Supermarkets Charge More? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing
Abstract
This article examines changes in supermarket prices in local markets following supermarket leveraged buyouts (LBOs). I find that prices rise following LBOs in local markets in which the LBO firm's rivals are also highly leveraged and that LBO firms have higher prices than their less leveraged rivals, suggesting that LBOs create incentives to raise prices. However, I also find that prices fall following LBOs in local markets in which rival firms have low leverage and are concentrated. These price drops are associated with LBO firms exiting the local market, suggesting that rivals attempt to “prey” on LBO chains.
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Citations
Cites
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
Cited by
Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings
FRESARD, L. (2010) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01562.x · Cited by 937
Aggarwal, R. K., & Samwick, A. A. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00180 · Cited by 733
Capital Structure as a Strategic Variable: Evidence from Collective Bargaining
MATSA, D. A. (2010) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01565.x · Cited by 607
Corporate capital structure and the characteristics of suppliers and customers
Kale, J. R., & Shahrur, H. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.12.007 · Cited by 554
Debt financing: Does it boost or hurt firm performance in product markets?
Campello, M. (2006) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.04.001 · Cited by 511
Metadata
- Authors
- CHEVALIER, J. A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1995-09
- Volume
- 50
- Issue
- 4
- Pages
- 1095-1112
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2027227096
- Cited by
- 436
- References
- 1
- FWCI
- 25.84
- Type
- journal article
- Language
- en
- Open access
- closed
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- CHEVALIER, J. A. (1995). Do LBO Supermarkets Charge More? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1995.tb04051.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
