Developer's Expertise and Dynamics of Financial Innovation: Theory and Evidence

Topics:
Product Development and Design
Tags:
Developer,
Expertise,
Financial,
Innovation,
Leadership,
Management,
Theory,
University Of Lausanne
Source:
University of Lausanne

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Overview: This paper studies product innovation and imitation in the market of corporate underwriting with a dynamic model where client switching costs and the banker's expertise in deal structuring characterizes the life cycle of a security. While the clientele loyalty allows positive rent extraction, the superior expertise can account for the documented market leadership of the innovator. As expertise on product structuring is acquired by imitators, the innovator's market share advantage decreases. The predictions are consistent with well documented evidence on the market share leadership of innovators.

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Format: PDF | Size: 1,649KB | Date: Oct 2004 | Pages: 64

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