Matches in SemOpenAlex for { <https://semopenalex.org/work/W3113808749> ?p ?o ?g. }
- W3113808749 endingPage "620" @default.
- W3113808749 startingPage "582" @default.
- W3113808749 abstract "We build an asset-pricing model with dynamic strategic competition to explain the strong joint fluctuations in aggregate discount rates, competition intensity, profitability, and asset prices. Product market competition endogenously intensifies as discount rates rise, because firms compete more aggressively for current cash flows by undercutting each other as the value of future cooperation decreases. In industries with a lower turnover rate of market leaders, firms’ profit margins tend to be higher yet more exposed to discount-rate fluctuations, thereby generating the gross profitability premium. We exploit large tariff cuts to identify exogenous variation in market structure to test the core mechanism directly." @default.
- W3113808749 created "2021-01-05" @default.
- W3113808749 creator A5042048491 @default.
- W3113808749 creator A5061662391 @default.
- W3113808749 creator A5074074463 @default.
- W3113808749 date "2021-05-01" @default.
- W3113808749 modified "2023-10-05" @default.
- W3113808749 title "Competition, profitability, and discount rates" @default.
- W3113808749 cites W1481965470 @default.
- W3113808749 cites W1521306786 @default.
- W3113808749 cites W1535138324 @default.
- W3113808749 cites W1536779365 @default.
- W3113808749 cites W1606177214 @default.
- W3113808749 cites W1789808336 @default.
- W3113808749 cites W1945571368 @default.
- W3113808749 cites W1964211014 @default.
- W3113808749 cites W1964267061 @default.
- W3113808749 cites W1964382689 @default.
- W3113808749 cites W1975161917 @default.
- W3113808749 cites W1975391598 @default.
- W3113808749 cites W1979505449 @default.
- W3113808749 cites W1985349674 @default.
- W3113808749 cites W1993273945 @default.
- W3113808749 cites W1995834279 @default.
- W3113808749 cites W2002527846 @default.
- W3113808749 cites W2002882686 @default.
- W3113808749 cites W2003090069 @default.
- W3113808749 cites W2006808353 @default.
- W3113808749 cites W2007785900 @default.
- W3113808749 cites W2011065519 @default.
- W3113808749 cites W2013376159 @default.
- W3113808749 cites W2015800048 @default.
- W3113808749 cites W2017299421 @default.
- W3113808749 cites W2017732813 @default.
- W3113808749 cites W2018241266 @default.
- W3113808749 cites W2018381052 @default.
- W3113808749 cites W2019616888 @default.
- W3113808749 cites W2026309037 @default.
- W3113808749 cites W2027882964 @default.
- W3113808749 cites W2030153136 @default.
- W3113808749 cites W2030170233 @default.
- W3113808749 cites W2041514907 @default.
- W3113808749 cites W2043050956 @default.
- W3113808749 cites W2045597653 @default.
- W3113808749 cites W2052872083 @default.
- W3113808749 cites W2053511614 @default.
- W3113808749 cites W2053606821 @default.
- W3113808749 cites W2060623059 @default.
- W3113808749 cites W2061509479 @default.
- W3113808749 cites W2062132235 @default.
- W3113808749 cites W2067475882 @default.
- W3113808749 cites W2070219097 @default.
- W3113808749 cites W2070414465 @default.
- W3113808749 cites W2070694319 @default.
- W3113808749 cites W2072799098 @default.
- W3113808749 cites W2073465757 @default.
- W3113808749 cites W2075474717 @default.
- W3113808749 cites W2086063580 @default.
- W3113808749 cites W2086987147 @default.
- W3113808749 cites W2089556049 @default.
- W3113808749 cites W2096491310 @default.
- W3113808749 cites W2100302370 @default.
- W3113808749 cites W2101626823 @default.
- W3113808749 cites W2102005575 @default.
- W3113808749 cites W2103920048 @default.
- W3113808749 cites W2104547087 @default.
- W3113808749 cites W2111193193 @default.
- W3113808749 cites W2113208252 @default.
- W3113808749 cites W2115458502 @default.
- W3113808749 cites W2119742456 @default.
- W3113808749 cites W2120050039 @default.
- W3113808749 cites W2122298188 @default.
- W3113808749 cites W2127058949 @default.
- W3113808749 cites W2128475248 @default.
- W3113808749 cites W2130788273 @default.
- W3113808749 cites W2132980074 @default.
- W3113808749 cites W2133396489 @default.
- W3113808749 cites W2135195922 @default.
- W3113808749 cites W2135949932 @default.
- W3113808749 cites W2138757993 @default.
- W3113808749 cites W2143321150 @default.
- W3113808749 cites W2146387535 @default.
- W3113808749 cites W2148460419 @default.
- W3113808749 cites W2153781119 @default.
- W3113808749 cites W2154087252 @default.
- W3113808749 cites W2156108681 @default.
- W3113808749 cites W2157143093 @default.
- W3113808749 cites W2163759112 @default.
- W3113808749 cites W2166215547 @default.
- W3113808749 cites W2168876164 @default.
- W3113808749 cites W2173858490 @default.
- W3113808749 cites W2242825140 @default.
- W3113808749 cites W2247610656 @default.
- W3113808749 cites W2319854370 @default.
- W3113808749 cites W2334058874 @default.
- W3113808749 cites W2473749688 @default.
- W3113808749 cites W2514136729 @default.
- W3113808749 cites W2559938825 @default.