THE IMPACT OF NEW PRODUCT ANNOUNCEMENTS ON FIRM VALUE IN INFORMATION TECHNOLOGY PRODUCING INDUSTRIES: AN EXAMINATION OF INDUSTRY-LEVEL EVOLUTIONARY ERAS |
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Authors: | J HAROLD PARDUE ERIC HIGGINS TIM BIGGART |
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Institution: | 1. University of Minnesota , Duluth;2. Drexel University;3. University of North Carolina , Greensboro |
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Abstract: | We explored the market reaction to new IT product announcements by the hard drive manufacturing industry in relation to that industry's evolutionary cycle of innovation. In the short-term, there was no effect. In the long-term however, announcements made during an era of incremental technical change had more favorable reactions than announcements made during an era of ferment EXCEPT where those announcements represented an attempt to develop the emerging technology rather than further developing the existing dominant design. |
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