Strategic Investment and Industry Risk Dynamics
نویسندگان
چکیده
منابع مشابه
Investment , Externalities and Industry Dynamics ( Preliminary , Incomplete )
We provide an alternative theoretical foundation for a number of well known empirical regularities on industry dynamics and product life cycle. We consider a dynamic competitive industry with free entry and exit and time stationary demand where all firms are ex ante identical, have perfect foresight and where there is no uncertainty or information problem. We show that when firms invest in dete...
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We provide an alternative theoretical explanation for a number of empirical regularities relating to the dynamics of industry structrure (product life cycle) and changes in size and age distribution of firms over time. We explain why entry may continue over a considerable period of time, why shake out of firms occur in mature industries and why exiting firms are likely to be younger and smaller...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2014
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhu067