Which Competitive Efforts Lead to Future Abnormal Economic Rents? Using Accounting Ratios to Assess Competitive Advantage
研究哪些竞争努力能有效阻止经济租金的均值回归，发现供应商议价能力和可信报复威胁能提高未来会计收益预测，而传统进入壁垒指标经风险与行业调整后不再带来高盈利，且竞争努力未被股价完全反映。
Abstract: Strategy theory suggests that firms can impede mean reversion of economic rents by employing competitive efforts, thereby impacting profitability, forecasting, and valuation. We use realized operating performance to establish which competitive effort proxies effectively protect rents. The inclusion of competitive advantage proxies improves future accounting return forecasts and several efforts generalize across industries including power over suppliers and the credible threat of expected retaliation (Porter, 1980). Traditional barriers‐to‐entry proxies (product differentiation, innovation, and capital requirements) do not result in higher profitability once risk‐ and industry‐adjusted. Finally, competitive efforts are not fully impounded into stock price, resulting in abnormal future returns.