Profiting from Induced Changes in Competitors' Market Values: The Case of Entry and Entry Deterrence

摘要: The authors resurrects an idea due to J. Hirshleifer (1971) by examining how one firm might profit trading in the securities of other firms whose values are dependent upon first firm's actions. They focus on case entry: can entrant from incumbent and does availability such profits affect economics entry deterrence? authors' results have implications for antitrust policy, insider rules, Williams Act, short selling whether companies should be publicly or privately held, degree diversification companies. Copyright 1995 Blackwell Publishing Ltd.