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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117578


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    题名: Intra-industry Effects of Delayed New Product Introductions
    作者: 陳聖賢
    Chen, Sheng-Syan
    Ho, Kim Wai
    Lee, Cheng-few
    Chung, Tsai-Yen
    贡献者: 財管系
    关键词: Product delays;intra-industry effects;information-signaling effect;competitive effect
    日期: 2007
    上传时间: 2018-06-11 18:25:50 (UTC+8)
    摘要: We find that for a sample of 324 announcements of delayed new product introductions in 52 industries from 1989 to 1997, the rivals overall experience significantly negative share price response. The results suggest that, for the sample as a whole, the information-signaling effect dominates the competitive effect. We further classify the rivals' share price response by industry and find that about 60% of industries have negative response. We also find that a product delay conveys more negative information about the competitors in those industries that are more likely to have product delays. Finally, we show that rivals' share price response is significantly positively related to the announcement effect on the product delay firm, the degree of industry competition, and the industry growth opportunities, and is significantly negatively related to the degree of relatedness of the announcing firm to the industry, and to the level of the announcing firm's free cash flow relative to that of its competitors.
    關聯: Review of Pacific Basin Financial Markets and Policies, Vol.10, No.3, pp.415-443
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1142/S0219091507001136
    DOI: 10.1142/S0219091507001136
    显示于类别:[財務管理學系] 期刊論文

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