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| Author: | Christensen, L. Caves, R. |
| Title: | Cheap talk and investment rivalry in the pulp and paper industry |
| Journal: | Journal of Industrial Economics
1997 : MAR, VOL. 45:1, p. 47-74 |
| Index terms: | INDUSTRIAL ECONOMICS PAPER AND PULP INDUSTRY INVESTMENT |
| Language: | eng |
| Abstract: | Determinants of the abandonment of previously announced capacity expansions are analyzed in eleven industries within the North American pulp and paper sector. Given the investor's initial confidence, extent of precommitment of resources, and post-announcement fresh news, abandonment's likehood increases with unanticipated projects subsequently announced by rivals. The process suggests a continual auction with the winning projects and firms having certain systematic properties. |
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