Financial returns and strategic interaction: The case of instant photography
研究如何用股东回报衡量复杂战略互动的影响，以即时摄影行业为例，展示股东回报和市场风险变化如何与整体战略及具体竞争行动相关联。
Abstract The purpose of this paper is to examine the use of shareholder returns to study the impact of complex strategic interactions that involve a sequence of moves by competing firms. The paper seeks to begin to build a bridge between the capital asset pricing model of modern financial theory and competitive strategy. Competition in instant photography is used as an example. Results demonstrate how shareholder returns and changes in market risk (β) can be associated with both overall strategies and specific competitive moves.