Opening new frontiers: Do early entrants really reap long-term rewards?
研究分析了903只货币市场共同基金的数据，发现早期进入者（前五名）在价格和市场份额上具有优势，而延迟进入则导致更低的市场份额，但后来者似乎在定价上更灵活。
The article presents information about a study by researcher Richard Makadok that provides insight into the nature of competition in markets such as the Internet, in which barriers to entry and imitation are low. According to the author, Makadok examined whether companies derive long-term benefits from opening new frontiers and being one of the first companies to enter these markets. Makadok gathered monthly data on 903 money market mutual funds a variety of product categories. He defined early entry firms as the first five competitors in a product category. Makadok found that early entrants had both price and market share advantages and that delayed entrance was linked to lower market share. He also discovered that later entrants apparently had more flexibility in pricing.