Competition Links and Stock Returns
研究发现，其他公司监管披露中频繁提及的竞争对手公司，其股票年化风险调整收益可达9%，这种超额收益源于投资者对这些信息的忽视，且集中在被提及为竞争目标而非受钦佩的公司中。
Abstract This paper demonstrates that value-relevant information about a firm appearing in regulatory disclosures of other firms is overlooked by investors. Firms highly mentioned in the 10-K competition section of other firms tend to outperform with risk-adjusted returns of up to 9$\%$ annually. Outperformance is concentrated in firms whose competition references are made in the context of targeting rather than admiration. Consistent with investor inattention, abnormal returns stem from cross-sector competition mentions as well as firms with low-analyst coverage. Moreover, highly mentioned firms exhibit improved fundamentals in subsequent years, further signifying they are underpriced.