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Financial returns and strategic interaction: The case of instant photography

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  • Richard A. Bettis
  • David Weeks

Abstract

The purpose of this paper is to examine the use of shareholder returns to study the impact of complex strategic interactions that involve a sequence of moves by competing firms. The paper seeks to begin to build a bridge between the capital asset pricing model of modern financial theory and competitive strategy. Competition in instant photography is used as an example. Results demonstrate how shareholder returns and changes in market risk (β) can be associated with both overall strategies and specific competitive moves.

Suggested Citation

  • Richard A. Bettis & David Weeks, 1987. "Financial returns and strategic interaction: The case of instant photography," Strategic Management Journal, Wiley Blackwell, vol. 8(6), pages 549-563, November.
    • Handle: RePEc:bla:stratm:v:8:y:1987:i:6:p:549-563
    DOI: 10.1002/smj.4250080605
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    Citations

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    Cited by:

    1. Zucchini, Leon & Kretschmer, Tobias, 2011. "Competitive Pressure: Competitive Dynamics as Reactions to Multiple Rivals," Discussion Papers in Business Administration 12308, University of Munich, Munich School of Management.
    2. Yang, Jianmei & Wang, Wenjie & Chen, Guanrong, 2009. "A two-level complex network model and its application," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(12), pages 2435-2449.
    3. Zhengyong Zhang & Jiayi You, 2024. "Does firms' ESG information disclosure have contagion effect? Evidence from China," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 3274-3296, July.
    4. Raymond-Alain Thietart, 2016. "Strategy dynamics: Agency, path dependency, and self-organized emergence," Strategic Management Journal, Wiley Blackwell, vol. 37(4), pages 774-792, April.
    5. Ming-Jer Chen, 2009. "Competitive dynamics research: An insider’s odyssey," Asia Pacific Journal of Management, Springer, vol. 26(1), pages 5-25, March.
    6. Frédéric Le Roy, 2003. "Agresser un concurrent pour le sortir du marché:une étude de cas," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 179-199, June.
    7. Faouzi Bensebaa, 2003. "La dynamique concurrentielle:défis analytiques et méthodologiques," Revue Finance Contrôle Stratégie, revues.org, vol. 6(1), pages 5-37, March.
    8. Hughes-Morgan, Margaret & Kolev, Kalin & Mcnamara, Gerry, 2018. "A meta-analytic review of competitive aggressiveness research," Journal of Business Research, Elsevier, vol. 85(C), pages 73-82.
    9. Frédéric Le Roy, 1998. "Dynamique de la concurrence et cession d'activité: le cas de la cession de Cassegrain (Compagnie Saupiquet) au Groupe Bonduelle," Revue Finance Contrôle Stratégie, revues.org, vol. 1(1), pages 125-143, March.
    10. Heidi Wechtler & Evelyne Rousselet, 2012. "Research And Methods In Competitive Dynamics: Review And Perspectives," Post-Print hal-01284007, HAL.
    11. Yasar Mehmet & Gerede Ender, 2020. "Identification of factors affecting competitive tension in the domestic air transport market in Turkey," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 56(2), pages 118-139, June.
    12. Yasar Mehmet & Gerede Ender, 2020. "Identification of factors affecting competitive tension in the domestic air transport market in Turkey," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 56(2), pages 118-139, June.

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