【 SUIBE思源金融讲坛——学术沙龙第31期 】:The Benefits of Collusion: Trademark Similarity and Comovement Performance


报告人:杨易铭  香港大学经济与工商管理学院

时间20191217日上午9: 00 -10: 30


【内容摘要】Firms are different but also similar. I construct a novel measure of firm-by-firm pairwise trademark similarity to capture product market overlap. I find empirical support for the similarity-comovement relation: (1) trademark similarity can positively predict future profitability correlation; (2) trademark similarity is associated with higher comovement of excess return, and it is more pronounced among firm pairs with indirect industry linkages, high advertising expenses, and large growth stocks in the long term; (3) a possible explanation is proposed: firms tend to collude with their peers by adopting similar corporate actions so as to realize economies of scale while sharing potential risks, as reflected in higher cost efficiency, higher operational profitability, and lower risk exposure. Overall, firms are rivals but also friends.