Can first-mover and early-mover advantages be sustained in an industry with low barriers to entry/imitation?
研究货币市场共同基金行业，发现即使进入和模仿壁垒低，先动者和早期行动者仍能持续享有定价和市场份额优势，挑战了传统预期。
This study examines whether first-mover and early-mover advantages can be sustained in an industry where the barriers to entry are generally low and new product innovations can be easily imitated—namely, the money market mutual fund industry. Using a simultaneous-equation supply-and-demand model of panel data from a variety of money market fund product categories, the study finds that first-movers and early-movers enjoy both a highly sustainable pricing advantage and a moderately sustainable market share advantage. These counterintuitive results are interpreted in terms of the structural characteristics of demand in the industry. Implications of these results for the ongoing debate between the ‘sustainability’ and ‘hypercompetition’ perspectives are discussed. © 1998 John Wiley & Sons, Ltd.