Financial returns and strategic interaction: The case of instant photography

Richard A. Bettis and David Weeks

Strategic Management Journal, 1987, vol. 8, issue 6, 549-563

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.

Date: 1987
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