This paper characterizes how firms’ strategic interaction in product markets affects the industry dynamics of investment and expected returns. In imperfectly competitive industries, a firm’s exposure to systematic risk is affected by both its own investment strategy and the investment strategies of its peers, so that the dynamics of its expected returns depend on the intraindustry value spread. In the model and the data, firms’ betas and returns correlate more positively in industries with low value spread, low dispersion in operating markups, and low concentration. (JEL G12, G31)

中文翻译：

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战略投资和行业风险动态


本文描述了公司在产品市场中的战略互动如何影响投资和预期回报的行业动态。在竞争不完善的行业中，公司面临的系统性风险受其自身投资策略和同行投资策略的影响，因此其预期回报的动态取决于行业内价值利差。在模型和数据中，在价值利差低、经营加价分散性低和集中度低的行业中，公司的贝塔系数和回报率的相关性更为正相关。（JEL G12， G31）