The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
Product Market Competition, Insider Trading, and Stock Market Efficiency
Open accessAbstract
How does competition in firms' product markets influence their behavior in equity markets? Do product market imperfections spread to equity markets? We examine these questions in a noisy rational expectations model in which firms operate under monopolistic competition while their shares trade in perfectly competitive markets. Firms use their monopoly power to pass on shocks to customers, thereby insulating their profits. This encourages stock trading, expedites the capitalization of private information into stock prices and improves the allocation of capital. Several implications are derived and tested.
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Cites
Common risk factors in the returns on stocks and bonds
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Romer, P. M. (1990) · Journal of Political Economy · doi:10.1086/261725 · Cited by 17,711
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
Robust Inference With Multiway Clustering
Cameron, A. C., Gelbach, J. B., & Miller, D. L. (2011) · Journal of Business & Economic Statistics · doi:10.1198/jbes.2010.07136 · Cited by 3,203
Market Liquidity and Performance Monitoring
Holmström, B., & Tirole, J. (1993) · Journal of Political Economy · doi:10.1086/261893 · Cited by 1,719
The Effect of Financial Development on Convergence: Theory and Evidence*
Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005) · Quarterly Journal of Economics · doi:10.1162/qjec.2005.120.1.173 · Cited by 962
Equity markets and growth: Cross-country evidence on timing and outcomes, 1980–1995
Rousseau, P. L., & Wachtel, P. (2000) · Journal of Banking & Finance · doi:10.1016/s0378-4266(99)00123-5 · Cited by 772
Financial development, property rights, and growth
Claessens, S., & Laeven, L. (2003) · The Journal of Finance · doi:10.1046/j.1540-6261.2003.00610.x · Cited by 338
Cited by
Robust Inference With Multiway Clustering
Cameron, A. C., Gelbach, J. B., & Miller, D. L. (2011) · Journal of Business & Economic Statistics · doi:10.1198/jbes.2010.07136 · Cited by 3,203
Information Disclosure in Financial Markets
Goldstein, I., & Yang, L. (2017) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-110716-032355 · Cited by 409
Product Market Power and Tax Avoidance: Market Leaders, Mimicking Strategies, and Stock Returns
Kubick, T. R., Lynch, D., Mayberry, M. A., & Omer, T. C. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2215924 · Cited by 269
Metadata
- Authors
- PERESS, J.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2010-01-13
- Volume
- 65
- Issue
- 1
- Pages
- 1-43
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2134884530
- Cited by
- 484
- References
- 9
- FWCI
- 22.68
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
