Real and Financial Industry Booms and Busts
研究了产品市场竞争如何影响行业繁荣与萧条中的企业现金流和股票收益，发现竞争性行业中高估值、高投资和高融资后现金流和收益会显著下降，而集中行业则不明显。
ABSTRACT We examine how product market competition affects firm cash flows and stock returns in industry booms and busts. Our results show how real and financial factors interact in industry business cycles. In competitive industries, we find that high industry‐level stock market valuation, investment, and financing are followed by sharply lower operating cash flows and abnormal stock returns. Analyst estimates are positively biased and returns comove more. In concentrated industries these relations are weak and generally insignificant. Our results are consistent with participants in competitive industries not fully internalizing the negative externality of industry competition on cash flows and stock returns.