报告简介：

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.  

报告人简介：

熊桂洋博士是美国雪城大学惠特曼管理学院营销学副教授，毕业于美国埃默里大学。研究方向涵盖企业层面和消费者层面，包括营销与金融交叉领域、广告以及数字营销等多个领域。研究成果发表于Journal of Marketing，Journal of Marketing Research，Marketing Science等国际顶级期刊，并担任Service Science杂志副主编、Journal of Marketing编委等职务。