報告主題：Negative News Spillover Effects and Rivals' Strategic Reactions

報告人：熊桂洋 博士

報告時間👸：5月10日上午10：00

報告地點：旭日樓416教室

主持人：楊帥 教授

報告簡介：

Conventional wisdom suggests that a company’s negative news is likely to benefit its competitors. In contrast, this research reveals significant heterogeneity in spillover effects across rival firms. By analyzing a large-scale dataset compiled from various sources, the authors (a) document the heterogenous spillover effects on abnormal stock returns across rival firms upon negative news in the industry; (2) examine the three fundamental corporate pillars, namely, R&D capability, marketing capability, and operations capability as antecedents to such heterogeneity, and (c) investigate rival firms’ strategic reactions in response to the negative news. Results indicate that upon the release of negative news about a firm’s product, an industry rival is less likely to suffer from negative spillover effect on its abnormal stock return if it has strong marketing capability. However, R&D capability and operations capability only help alleviate negative spillover effect under certain industry- or firm-specific conditions. Furthermore, the spillover effects in stock returns can in turn motivate rival firms to make changes in their future strategic emphases. The findings provide novel implications for firms, investors, and policy makers.

報告人簡介🙏：

熊桂洋博士是美國雪城大學惠特曼沐鸣2注册營銷學副教授，畢業於美國埃默裏大學。研究方向涵蓋企業層面和消費者層面，包括營銷與金融交叉領域🏄🏽‍♂️、廣告以及數字營銷等多個領域。研究成果發表於Journal of Marketing，Journal of Marketing Research⏺，Marketing Science等國際頂級期刊，並擔任Service Science雜誌副主編、Journal of Marketing編委等職務👨🏽‍🍳。