Valuation Response to New Information: A Test of Resource Mobility and Market Structure
假设集中行业的资源更专业、更耐用、流动性更低，通过比较不同市场结构下企业市值对盈利变化的反应来检验这一假设，发现集中行业的市值反应更大，表明其异常盈利持续性更强。
This article hypothesizes that resources employed in concentrated industries are more specialized and durable and therefore less mobile than resources employed in atomistic industries. The hypothesis is tested by estimating the relationship between changes in the market value of a firm's securities and changes in its earnings levels and comparing this relation under different market structures. The response of market values to earnings changes is found to be greater for concentrated industries than for atomistic industries. This difference is interpreted as evidence that abnormal earnings persist longer in concentrated industries because of the lower degree of resource mobility.