Competitive parity, status disparity, and mutual forbearance: Securities analysts' competition for investor attention

Anne H. Bowers, Henrich R. Greve, Hitoshi Mitsuhashi, Joel A.C. Baum

研究成果: Article査読

24 被引用数 (Scopus)

抄録

Most studies of responses to change in competitive environments focus on competitorspecific adaptations. However, rivals are often acutely aware of one another, and this awareness should influence their competitive behavior. In this study, we focus on three market structures that affect competitive behavior: competitive parity, status disparity, and multipoint contact. In particular, we examine how securities analysts responded to a regulatory discontinuity, Regulation Fair Disclosure (Reg-FD), which promotes competitive parity by eliminating privileged access to proprietary firm information as a critical source of competitive advantage. We predict and find that Reg-FD activated mutual forbearance among analysts linked through multipoint contact. We also predict and find that high-status analysts forbear more strongly. Analysts' responses to heterogeneity in competitive advantage thus depend importantly on their competitive overlap and status, which has implications for both their behavior and the information they provide to investors.

本文言語English
ページ(範囲)38-62
ページ数25
ジャーナルAcademy of Management Journal
57
1
DOI
出版ステータスPublished - 2014 2 1

ASJC Scopus subject areas

  • Business and International Management
  • Business, Management and Accounting(all)
  • Strategy and Management
  • Management of Technology and Innovation

フィンガープリント 「Competitive parity, status disparity, and mutual forbearance: Securities analysts' competition for investor attention」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル