Product Market Competition and Corporate Real Estate Investment under Demand Uncertainty
从理论和实证上分析了企业房地产投资、产品市场竞争与企业风险之间的相互作用，发现战略性房地产所有权与行业集中度正相关、与需求不确定性负相关，且市场集中度越高，企业风险越大。
This article theoretically and empirically analyzes the interactions among corporate real estate investment, product market competition and firm risk. In our model, firms own strategic real estate or lease generic real estate. Our model predicts that strategic real estate ownership is positively correlated with industry concentration and negatively related to demand uncertainty. Also, firm risk is higher for firms with more strategic real estate operating in a more concentrated market. This prediction arises because smaller investments induce greater market competition, which effectively eliminates the right tail of the firm's profit distribution. We provide strong empirical support for our predictions. In particular, firm value is more volatile in less competitive markets for a given level of demand uncertainty.