Masters of War: Rivals' Product Innovation and New Advertising in Mature Product Markets
研究成熟产品市场中，对手的产品创新和新广告如何影响企业的金融市场价值，以1999-2003年可口可乐与百事可乐的碳酸饮料市场为例，发现对手产品公告降低企业价值，而对手新商标增加企业价值。
We investigate the impact of rivals' product innovation and new advertising on a firm's financial market value in mature product markets. Our test bed is the carbonated soft drink market between 1999 and 2003, a period characterized by a near duopoly between Coca-Cola and Pespi. Empirically, we focus on new product announcements as a proxy of product innovation and on filed trademarks as a measure of new advertising. We find that rival product announcements decrease a firm's financial market value, and that rival filed trademarks increase it. Finally, we find that the effect of new advertising is channeled through market size dynamics, while that of product innovation operates through market share dynamics. Results are robust across different estimation techniques (event study, Tobin's q) and model specifications.