市场力量和系统性风险

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Financial Management Pub Date : 2023-11-13 DOI:10.1111/fima.12438

Fabian Hollstein, Marcel Prokopczuk, Christoph Matthias Würsig

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引用次数: 0

摘要

我们研究了产品市场竞争对企业系统性风险的影响。通过衡量产品市场的总体相似性，我们发现市场力量与市场押注之间存在很强的负相关关系。在最近的低竞争时期，这种影响增加了两倍多。反竞争兼并导致市场押注显著下降。面临较少竞争的企业似乎可以部分抵御系统性贴现率冲击。因此，较低的股本成本意味着市场力量在一定程度上可以自我延续。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Market power and systematic risk

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Market power and systematic risk

We examine the impact of product market competition on firms' systematic risk. Using a measure of total product market similarity, we document a strong negative relationship between market power and market betas. The effect more than triples in the most recent period of low competition. Anticompetitive mergers result in a significant reduction in market betas. Firms facing less competition seem to be partially insulated from systematic discount-rate shocks. Lower equity costs therefore imply that market power is partly self-perpetuating.

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来源期刊

Financial Management BUSINESS, FINANCE-

CiteScore

6.00

自引率

0.00%

发文量

期刊介绍： Financial Management (FM) serves both academics and practitioners concerned with the financial management of nonfinancial businesses, financial institutions, and public or private not-for-profit organizations.