Profitability, Product Market Competition, and Stock Returns
نویسندگان
چکیده
منابع مشابه
Product Market Competition and Stock Market Efficiency
How does competition in a firm's product market affect the behavior of its stock? We examine this question in a noisy rational expectations economy in which firms operate under monopolistic competition. Production is subject to productivity shocks and requires capital, raised on a perfectly competitive equity market. Investors observe firms' past profits and collect private information about th...
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I show that as long as the stock market has perfect foresight, profits are distributed as dividends, and incentives are paid more than once or are deferred, stock-related compensation packages are strong incentives for managers to support tacit collusive agreements in repeated oligopolies. The stock market anticipates the losses from punishment phases and discounts them on stock prices, reducin...
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ژورنال
عنوان ژورنال: Applied Finance Letters
سال: 2019
ISSN: 2253-5802,2253-5799
DOI: 10.24135/afl.v8i0.149