Strategic Investment and Industry Risk Dynamics
研究了产品市场中企业战略互动如何影响投资和预期收益的行业动态，发现不完全竞争行业中企业系统风险暴露受自身和同行投资策略共同影响，预期收益动态取决于行业内价值差异。
This paper characterizes how firms' strategic interaction in product markets affects the industry dynamics of investment and expected returns. In imperfectly competitive industries, a firm's exposure to systematic risk is affected by both its own investment strategy and the investment strategies of its peers, so that the dynamics of its expected returns depend on the intraindustry value spread. In the model and the data, firms' betas and returns correlate more positively in industries with low value spread, low dispersion in operating markups, and low concentration.