| Tekijä: | Tufano, P. |
| Otsikko: | Financial innovation and first-mover advantages |
| Lehti: | Journal of Financial Economics
1989 : DEC, VOL. 25:2, p. 213-240 |
| Asiasana: | FINANCIAL ANALYSIS INNOVATION INVESTMENT BANKS NEW PRODUCTS PRICES COSTS |
| Kieli: | eng |
| Tiivistelmä: | A database of 58 financial innovations from 1974-1986 is used to examine how investment banks that create new products do not charge higher prices in the brief period of "monopoly" before imitative products appear, and in the long run charge prices below, not above, those charged prices below, not above, those charged by rivals offering imitative products. One interpretation of the price and quantity evidence is that innovators become inframarginal rivals that enjoy lower costs of trading, underwriting, and marketing. |
SCIMA