Corporate Liquidity in Games of Monopoly Power
基于美国大公司样本，发现产品市场竞争显著影响企业流动性持有，支持寡头模型：流动性资产既用于信号承诺报复市场入侵，也用于快速抢占新机会。
Cr oss-sectional variation in corporate liquidity within a sample of large U.S. corporations suggests that there are material effects from product market competiti on. The empirical evidence is consistent with an oligopolistic model wherein liquid assets are employed both to signal commitment to retaliate against market en croachment and to enable firms to rapidly preempt new opportunities. As predicted, firms with high valuation and spending on intangibles, in certain strategic positions, hold large stocks of liquid assets. Copyright 1987 by MIT Press.