Real Options, Product Market Competition, and Asset Returns
研究产品市场竞争如何影响企业实物投资决策与资产回报动态的关系，发现竞争程度与预期回报的关系取决于产品市场需求高低。
ABSTRACT We study how competition in the product market affects the link between firms' real investment decisions and their asset return dynamics. In our model, assets in place and growth options have different sensitivities to market wide uncertainty. The strategic behavior of market participants influences the relative importance of these components of firm value. We show that the relationship between the degree of competition and assets' expected rates of return varies with product market demand. When demand is low, firms in more competitive industries earn higher returns, whereas when demand is high firms in more concentrated industries earn higher returns.