| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3079 |
| DP3079 Globalization in History: A Geographical Perspective | |
| Anthony Venables; Nicholas Crafts | |
| 发表日期 | 2001-11-23 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We investigate the timing and the valuation of strategic investment aimed at enhancing entry opportunities in related market segments. As demand is uncertain, entry options should be exercised at the optimal time, trading off the market share gain against the option to wait until more information is revealed, while anticipating competitors' entry behaviour. When the strategic investment grants a strong competitive advantage, the innovator can optimally choose the timing of entry; in case of weaker advantage, the investing firm enters just before its competitor would. In a context of increased uncertainty, the value of waiting to invest rises, but the value of a strategic investment increases even more. In some cases, strategic investment can act as a threat to discourage cross-entry, making parallel monopoly sustainable. |
| 主题 | Financial Economics |
| 关键词 | Real options Entry Strategic investment Technological innovation Growth opportunities |
| URL | https://cepr.org/publications/dp3079 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532111 |
| 推荐引用方式 GB/T 7714 | Anthony Venables,Nicholas Crafts. DP3079 Globalization in History: A Geographical Perspective. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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