This paper characterizes how firms' strategic interaction in product markets affects the industry dynamics of investment and expected returns. In imperfectly competitive industries, a firm's exposure to systematic risk is jointly affected by its own investment strategy and the investment...

Systematic, rules-based investment strategies are where academia and practice are currently interacting strongly. My objective in this editorial is to offer some thoughts on research on systematic investing, including three articles in this issue, that can provide significant practical benefits...