Market power and systematic risk
研究了产品市场竞争如何影响企业的系统性风险，发现市场势力与市场贝塔值呈强负相关，且反竞争并购会显著降低市场贝塔值。
Abstract We examine the impact of product market competition on firms' systematic risk. Using a measure of total product market similarity, we document a strong negative relationship between market power and market betas. The effect more than triples in the most recent period of low competition. Anticompetitive mergers result in a significant reduction in market betas. Firms facing less competition seem to be partially insulated from systematic discount‐rate shocks. Lower equity costs therefore imply that market power is partly self‐perpetuating.