Jaspersen, Stefan - 2016 - This draft: September 2016
qualitative information on a firm's competitive environment. I find that funds with above median monopoly bets outperform by up to … 92 basis points annually and trade more successfully in both their monopoly and nonmonopoly sub-portfolios. My … environment using the 9/11 terrorist attacks. I document that managers who place larger monopoly bets are less likely to invest …
