Delays in New Product Introductions and the Market Value of the Firm: The Consequences of Being Late to the Market

Kevin B. Hendricks; Vinod R. Singhal

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Delays in New Product Introductions and the Market Value of the Firm: The Consequences of Being Late to the Market

机译：新产品推出的延迟和企业的市场价值：迟到市场的后果

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This paper empirically estimates the impact of not meeting promised new product introduc-tion dates on the market value of the firm. We estimate the average "abnormal" change in the market value for a sample of 101 firms around the date when information about delaying the introduction of new products is publicly announced. On average, delay announcements decrease the market value of the firm by 5.25%. The average dollar change in the market value in 1991 dollars is

机译：本文根据经验估计了未达到承诺的新产品推出日期对公司市场价值的影响。我们估计在公开宣布有关延迟推出新产品的信息之日附近的101家公司的样本中，市场价值的平均“异常”变化。平均而言，延迟公告会使公司的市场价值下降5.25％。以1991年美元价值计算的平均美元价值变动为

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《Management science: Journal of the Institute of Management Sciences 》 |1997年第4期| 共15页
作者
Kevin B. Hendricks; Vinod R. Singhal;
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原文格式 PDF
正文语种 eng
中图分类工业经济 ;
关键词
Product Delays; Event Studies; Stock Market Response;

机译：产品延迟;事件研究;股市响应;

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1. Delays in New Product Introductions and the Market Value of the Firm: The Consequences of Being Late to the Market [J] . Kevin B. Hendricks, Vinod R. Singhal Management science: Journal of the Institute of Management Sciences . 1997 ,第4期

机译：新产品推出的延迟和企业的市场价值：迟到市场的后果
2. Market stealing and market expansion: an examination of product introductions in the organic coffee market [J] . Richard Friberg, Mark Sanctuary Environmental economics and policy studies . 2018 ,第2期

机译：窃取市场和扩大市场：检查有机咖啡市场中的产品介绍
3. Market Outlook 1. The tanker market finished 2018 on a positive note, with clean MR spot earnings rising 71% m-o-m in December to $17,208/day and the crude tanker market remaining firm (VLCC spot earnings averaged over $40,000/day in December). While 2018 as a whole was characterised by difficult crude and products market conditions, strong scrapping limited supply growth, and demand picked up towards the end of the year. [J] . Oil & Tanker Trades Outlook . 2019 ,第1期

机译：市场展望1.油轮市场2018年在一个积极的票据上完成，在12月份的MIR现货收益上涨71％至17,208美元/天，粗暴的油轮市场剩余公司（VLCC现货收入在12月份平均超过40,000美元/日）。虽然2018整体以困难的原油和产品市场条件为特征，但强大的额外供应增长，并在今年年底拾取的需求。
4. Substitute or Complement? Exploring the Market Impact of New Product Introductions in High-Tech Markets [C] . B.J. Allen, Richard Gretz, Suman Basuroy Winter Marketing Academic Conference . 2016

机译：替代或补充？探索新产品介绍在高科技市场的市场影响
5. Disclosure and market consequences of firm-specific news announcements in the emerging market of China. [D] . Lui, Man Ching Gladie. 2003

机译：中国新兴市场公司特定新闻公告的披露和市场后果。
6. How does capital structure change product-market competitiveness? Evidence from Chinese firms [O] . Li Li, Zixuan Wang -1

机译：资本结构如何改变产品市场竞争力？来自中国公司的证据
7. La banalisation du luxe (Democratization of luxury) Abstract : La plupart des achats pratiqués sont effectués par des clients occasionnels, ce qui a conduit les entreprises à s’adapter par une nouvelle stratégie. En effet, suite à l’intensification de la concurrence et à la concentration du secteur qui engendrent une contrainte de rentabilité immédiate, mais aussi en raison des impératifs nouveaux du marché, les maisons de luxe se voient obligées d’élargir leur offre afin d’ajouter à une clientèle dite traditionnelle une clientèle plus vaste. Dès lors, le secteur du luxe est progressivement passé d’une logique d’offre où seul un nombre restreint de personnes était ciblé, à une politique d’offre où des professionnels du marketing étudient la demande du marché afin d’orienter la production des biens vers un marché de masse. La banalisation est une problématique capitale et décisive car les maisons de luxe doivent préserver leur image de marque tout en élargissant leur clientèle : elles s’efforcent de créer et de pérenniser leurs marques, sans jamais oublier qu’une marque ne peut pas s’associer à n’importe quel objet, sous peine de menacer l’ensemble de ses représentations. Par conséquent, chaque nouveau produit présente un risque pour la gamme toute entière, d’où le risque d’une erreur stratégique par le choix de la banalisation. Le danger est de voir la clientèle aisée se tourner vers d’autres grands noms pratiquant toujours cet esprit d’élitisme qui caractérise le « luxe ». The luxury market is no longer reserved for an elite as its evolution over the last fifteen years clearly indicates. Luxury goods companies have been forced to adapt and resort to new strategies to take into account the fact that most purchases are now made by occasional clients. The keen competition and the on-going concentration in that sector – with the resulting short term profitability constraints - together with the new market conditions, have forced luxury goods companies to broaden their offer so as to add new customers to their traditional base. As a consequence, the luxury market has progressively moved away from an offer-driven logic – targeting a small number of people – in favor of an offer-based policy with marketing professionals studying market demand so as to direct the production of goods towards mass production. The democratization of luxury constitutes a major challenge for those companies which must preserve their image while broadening their customer base: they now strive to create and perpetuate their brand image, without ever forgetting that a brand cannot be associated to just any object, as this might constitute a threat to all its brand representations. Thus every new product constitutes a real threat to the whole range and there is a risk of making a strategic mistake by appealing to the mass market; and there is also a clear danger of seeing affluent customers turn to other great names that still foster this ‘elite spirit’ that characterizes « luxury ». [O] . Eric Vernier, Pierre Ghewy 100

机译：奢侈品的平庸化（奢侈品民主化）摘要：大多数购买都是由休闲客户制作的，这导致公司采用新战略。事实上，随着竞争的加剧和行业的集中导致了盈利的直接制约，而且由于市场的新要求，奢侈品公司被迫扩大其报价以便为所谓的传统客户增加一个更大的客户群。从那时起，奢侈品行业逐渐从以供应为导向的方式转变为只有少数人被定为供应方政策，营销人员正在研究市场需求以指导产品生产。货物进入大众市场。平庸化是一个至关重要且决定性的问题，因为豪宅必须保持其品牌形象，同时扩大其客户群：他们努力创造和延续其品牌，永远不要忘记一个品牌无法联想到在任何威胁他所有陈述的痛苦之下。因此，每个新产品都会带来整个色域的风险，因此通过选择平凡化就会产生战略错误的风险。危险的是看到富有的顾客转向其他仍在实践“豪华”特征的精英主义精神。奢侈品市场不会超过过去15年。奢侈品公司被迫采用新策略来充分利用其客户。由于市场领先的条件，激烈的竞争和该行业的持续集中迫使他们扩大了市场基础。因此，奢侈品市场已经从针对少数人的以报价驱动的逻辑向前发展 - 转而采用基于报价的政策与营销专业人士。对于那些必须在扩大客户群的同时保持形象的公司来说，奢侈品的民主化是一项重大挑战。对其所有品牌代表构成威胁。因此，每一种新产品都会对市场构成威胁，并且有可能通过吸引大众市场来制造战略错误;看到人们涌向那种“奢侈”的精神精神，也存在明显的危险。

Delays in New Product Introductions and the Market Value of the Firm: The Consequences of Being Late to the Market

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