| 来源类型 | Article |
| 规范类型 | 其他 |
| DOI | 10.1007/s001910050075 |
| ISBN | 0936-9937 |
| Stock market volatility and market share instability during the US automobile industry life-cycle. | |
| Mazzucato, Mariana; Semmler, Willi | |
| 发表日期 | 1999-02 |
| 出处 | Journal of Evolutionary Economics |
| 出版者 | Springer Verlag |
| 出版年 | 1999 |
| 页码 | 67-96 |
| 语种 | 英语 |
| 摘要 | Market share instability, during certain stages of the industry life-cycle, has become a stylized fact in the industrial organization literature. In the finance literature, volatility in the form of excess volatility, i.e. the much larger volatility of stock prices than dividends (although stock prices should in theory trace the present value of future dividends), has given rise to controversies regarding stock price determination (Campbell and Shiller, 1988; Shiller, 1989). Recent evolutionary models, both theoretical and empirical, have tied the presence of market share instability to industry specific variables, such as specific periods in the industry life-cycle and specific “technological regimes”. The object of the paper is to explore whether there is a relationship between market share instability and stock price volatility and to what degree this relationship is connected to the concept of the industry life-cycle, and hence to industry specific factors. To do so, we explore the relationship in one particular industry, the US automobile industry. Since neither life-cycle nor finance theories attack this problem directly, we use insights from both approaches to build hypotheses which guide the data analysis. The empirical results confirm many of these hypotheses, suggesting that the degree of excess volatility is indeed partly affected by industry specific factors. |
| 特色分类 | H Social Sciences |
| URL | http://sro.sussex.ac.uk/id/eprint/51853/ |
| 来源智库 | Science Policy Research Unit (United Kingdom) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/466917 |
| 推荐引用方式 GB/T 7714 | Mazzucato, Mariana,Semmler, Willi. Stock market volatility and market share instability during the US automobile industry life-cycle.. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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