An empirical analysis of strategic competition and firm values the case of R&D competition
提出一种新的实证指标来量化企业竞争策略，并构建分析框架研究研发支出公告对股票价格的影响，发现竞争策略与市场反应共同影响企业及竞争对手的股价。
We operationalize a firm's competitive strategy through a new empirical measure, and develop a framework for empirical analysis of the market value of strategic behavior. Using this framework, we study announcement effects of R&D spending. The announcing firm's stock prices are positively influenced by a change in spending, and negatively by our competitive strategy measure (CSM). Competitors' stock prices are positively influenced by the interaction between the market's reaction to the announcing firm and the CSM. Our results are consistent with positive effects of 'accommodating' competition with strategic substitutes, and nonpositive effects of 'tough' competition with strategic complements.