Pricing and Financial Resources: An Analysis of the Disk Drive Industry, 1980-88
Pricing and Financial Resources: An Analysis of the Disk Drive Industry, 1980-88
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定价和财务资源：磁盘驱动器行业分析，1980-88 年
DOI：
10.2307/2109808
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发表时间：
1995
期刊：
影响因子：
--
通讯作者：
J. Lerner
中科院分区：
文献类型：
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作者：
J. Lerner
本文实证检验了帕特里克·博尔顿（Patrick Bolton）和大卫·沙夫斯坦（David Scharfstein，1990）提出的“长期钱包”假设，即现有企业可能通过激进的定价来驱逐进入者。作者分析了 1980 年至 1988 年间 733 个磁盘驱动器的定价。在样本中的后期，与资本薄弱且单一的竞争对手制造的磁盘驱动器相邻的驱动器的价格低于其他驱动器，当时这些公司几乎无法获得股权融资。结果对于替代假设的控制和特征回归的其他规范是稳健的。版权所有 1995，麻省理工学院出版社。
This paper empirically examines the 'long purse' hypothesis, formalized by Patrick Bolton and David Scharfstein (1990), that incumbents may drive out entrants through aggressive pricing. The author analyzes the pricing of 733 disk drives between 1980 and 1988. Drives that are adjacent to those manufactured by thinly capitalized undiversified rivals are priced lower than other drives during the later years in the sample, when little equity financing was available to these firms. The results are robust to controls for alternative hypotheses and to other specifications of the hedonic regression. Copyright 1995 by MIT Press.