Pricing and Financial Resources: An Analysis of the Disk Drive Industry, 1980-88
实证检验了“深口袋”假说，即资金雄厚的在位企业可能通过激进定价驱逐新进入者。作者分析了1980-88年间733款磁盘驱动器的定价数据，发现与资金不足的竞争对手产品相邻的驱动器定价更低，尤其在后期股权融资困难时。
This paper empirically examines the 'long purse' hypothesis, formalized by Patrick Bolton and David Scharfstein (1990), that incumbents may drive out entrants through aggressive pricing. The author analyzes the pricing of 733 disk drives between 1980 and 1988. Drives that are adjacent to those manufactured by thinly capitalized undiversified rivals are priced lower than other drives during the later years in the sample, when little equity financing was available to these firms. The results are robust to controls for alternative hypotheses and to other specifications of the hedonic regression. Copyright 1995 by MIT Press.