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dc.contributor.authorGjerde, Øystein
dc.contributor.authorKnivsflå, Kjell Henry
dc.contributor.authorSættem, Frode
dc.date.accessioned2010-03-22T11:16:31Z
dc.date.available2010-03-22T11:16:31Z
dc.date.issued2009-10
dc.identifier.issn1500-4066
dc.identifier.urihttp://hdl.handle.net/11250/164155
dc.description.abstractThis article analyzes the value-relevance of industry-based and resource-based competitive advantage in a large sample of firms listed on the Oslo Stock Exchange. We measure competitive advantage by a single variable and perform a new decomposition into its underlying sources. In 1986-2005, the industry-based and the resource-based competitive advantage explain more than 20% of abnormal stock market returns, accumulated over five years. The resource-based advantage is almost four times more important than the industry-based advantage. Differences in both the return and the risk capability of firms’ net assets relative to their industry peers are significant parts of the resource-based advantage, estimated at 60% and 40%, respectively.en
dc.language.isoengen
dc.publisherNorwegian School of Economics and Business Administration. Department of Finance and Management Scienceen
dc.relation.ispartofseriesDiscussion paperen
dc.relation.ispartofseries2009:11en
dc.subjectcompetitive advantageen
dc.subjectsuperior performanceen
dc.subjectvalue-relevance of performance metricsen
dc.titleEvidence on competitive advantage and superior stock market performanceen
dc.typeWorking paperen
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Bedriftsøkonomi: 213en


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