Haanappel, H.T.

return option growth investment return distribution demand distribution fi rms growth option value fit fl ow market follower panel growth options leader skewnes payoff deviation level parameter continuous-time returns uncertainty competition kurtosi continuous-time panel b model asset returns market structure equilibrium structure interval springer stackelberg function sequential investment game competitor cournot stock preemption return interval increase entry opportunity 10.95 base case result difference threshold paper venture asset period interaction growth option returns investment-timing differences parameter settings investment threshold fi rst mover demand uncertainty fi rst-mover advantage university strategy journal probability moment effect growth opportunities market structures sequential return intervals timing advantage investment decisions continuous-time return distribution theory output monopolist return dynamics