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Details van artikel 72 van 132 gevonden artikelen
| Titel: |
New product innovations, information signalling and industry competition |
| Auteur: |
Akhigbe, Aigbe |
| Verschenen in: |
Applied financial economics |
| Paginering: | Jaargang 12 (2002) nr. 5 pagina's 371-378 |
| Jaar: |
2002-05-01 |
| Inhoud: |
This paper examines the impact of new product innovations on the market values of industry rivals. The evidence indicates that, on average, firms introducing new products experience a significantly positive valuation effect at announcement, while portfolios of industry rivals experience a significant negative valuation effect. This result is consistent with the hypothesis that signals of adverse changes in the competitive position of rivals dominate expected benefits from an innovation spillover. Crosssectional analysis of the announcement period returns reveals that the competitive effects are more pronounced in industries with less concentration and high leverage. Additionally, we find that industry rivals perform as well as the new product firms during the three years following the innovations. We conclude that over a longer period, rival firms are able to respond to the competitive disadvantage of the new product by some alternative innovation or an imitation. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 72 van 132 gevonden artikelen
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