Investment and Competition
研究行业结构如何影响企业投资模式，发现垄断行业投资对托宾q的敏感度较低且投资速度较慢，而寡头行业投资敏感度和速度最高，表明战略投资价值可能超过等待价值。
Abstract This paper examines how industry structure affects corporate investment patterns. Real options theory shows that deferring irreversible investment in the face of uncertainty is valuable. Theory also shows that the value of waiting to invest falls if investment opportunities are contestable. Consistent with these theories, we find that firms in monopolistic industries exhibit lower investment-q; sensitivity and are slower to invest than firms in competitive industries. However, we find that investment-q; sensitivity and investment speed are highest in oligopolistic industries, suggesting that the value of investing strategically can outweigh the value of waiting. Indeed, oligopolistic industries experience less entry and more exit than other industries.