Early Mover Advantages: Evidence From the Long‐Term Care Insurance Market
研究了长期护理保险市场中先动优势的存在性，发现早期进入者通过产品差异化、个体线暴露、公司规模和传统健康保险经验获得财务绩效优势。
Abstract Researchers frequently question whether financial firms benefit by developing new products because barriers to entry common to other industries generally do not exist. Studies of early mover advantages for new financial products provide mixed evidence at best. We find evidence of early mover advantages in the relatively young market for long‐term care insurance (LTCI) using data that allow broad testing of financial performance. Product differentiation, individual lines exposure, firm size, and traditional health insurance experience also affect financial performance.