Postentry Investment and Market Structure in the Chemical Processing Industries
分析39个化工产品行业中现有企业对新进入者的投资反应，发现高集中度行业的企业在进入后增加投资，但减少对其他现有企业产能扩张的投资，支持流动性威慑理论而非传统过剩产能威慑理论。
This article analyzes the investment response of incumbents to new entry in 39 chemical product industries. The behavior of incumbents in highly concentrated industries differed from that of incumbents in low-concentration industries. In concentrated industries incumbents increased their rate of investment following entry, but reduced investment to accommodate capacity expansions made by other incumbents. This asymmetric response did not arise in less concentrated industries. Significant excess capacity existed in concentrated industries following entry, but there is little evidence that incumbents built such capacity as a deterrent before entry. Thus, the results support mobility-deterrence theories rather than the conventional excess-capacity deterrence argument.