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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117578

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117578

Title:	Intra-industry Effects of Delayed New Product Introductions
Authors:	陳聖賢 Chen, Sheng-Syan Ho, Kim Wai Lee, Cheng-few Chung, Tsai-Yen
Contributors:	財管系
Keywords:	Product delays;intra-industry effects;information-signaling effect;competitive effect
Date:	2007
Issue Date:	2018-06-11 18:25:50 (UTC+8)
Abstract:	We find that for a sample of 324 announcements of delayed new product introductions in 52 industries from 1989 to 1997, the rivals overall experience significantly negative share price response. The results suggest that, for the sample as a whole, the information-signaling effect dominates the competitive effect. We further classify the rivals` share price response by industry and find that about 60% of industries have negative response. We also find that a product delay conveys more negative information about the competitors in those industries that are more likely to have product delays. Finally, we show that rivals` share price response is significantly positively related to the announcement effect on the product delay firm, the degree of industry competition, and the industry growth opportunities, and is significantly negatively related to the degree of relatedness of the announcing firm to the industry, and to the level of the announcing firm`s free cash flow relative to that of its competitors.
Relation:	Review of Pacific Basin Financial Markets and Policies, Vol.10, No.3, pp.415-443
Data Type:	article
DOI link:	http://dx.doi.org/10.1142/S0219091507001136
DOI:	10.1142/S0219091507001136
Appears in Collections:	[Department of Finance] Periodical Articles

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