Interfirm differences in scale economies and the evolution of market shares
研究了货币市场共同基金行业中不同基金家族在规模经济上的差异如何影响后续市场份额的演变，发现规模经济优势更大的基金家族会获得更多市场份额，但该效应随年龄增长而减弱。
Evolutionary and resource-based theories imply that firms in an industry with different resources and capabilities may differ in critical characteristics of their production functions, such as economies of scale. This paper measures these inter-firm differences in economies of scale and examines how they affect the subsequent evolution of the market share distribution in the money market mutual fund industry. The findings indicate that fund families with larger marginal benefits to increasing their scale do subsequently gain market share at the expense of their rivals, but that this effect diminishes as the fund family ages, perhaps as a consequence of imitation. Copyright © 1999 John Wiley & Sons, Ltd.