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dc.contributor.authorCarlson, Murrayen_US
dc.contributor.authorDockner, Engelberten_US
dc.contributor.authorFisher, Adlaien_US
dc.contributor.authorGiammarino, Ronen_US
dc.date.accessioned2010-08-11T09:09:48Z-
dc.date.available2010-08-11T09:09:48Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/37484-
dc.description.abstractWe study own and rival risk in a dynamic duopoly with a homogeneous output good. A competitor's options to adjust capacity reduce own-firm risk through a simple hedging channel. For example, if a rival possesses a growth option, an increase in industry demand directly enhances current profits but also encourages value-reducing competitor expansion. As a consequence, when a leader and a follower emerge in equilibrium, risk dynamics depart substantially from previously-studied simultaneous move benchmarks. Own-firm and competitor required returns tend to move together through contractions and oppositely during expansions, providing testable new empirical predictions.en_US
dc.language.isoengen_US
dc.publisherVerein für Socialpolitik Frankfurt a. M.en_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Dynamic Models of Investment D8-V2en_US
dc.subject.jelG31en_US
dc.subject.jelD43en_US
dc.subject.jelD92en_US
dc.subject.ddc330en_US
dc.subject.keywordGrowth options and industry risken_US
dc.subject.keywordasset pricing and investment decisionsen_US
dc.subject.keywordrisk dynamics in oligopolistic industriesen_US
dc.titleLeaders, Followers, and Risk Dynamics in Industry Equilibriumen_US
dc.typeConference Paperen_US
dc.identifier.ppn654846618-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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