Abstract This paper examines the relationship between product market competition and intra-industry momentum returns. Based on 12,982 firm observations from 19 developed markets for the period of 1990–2010, I find that buying winners and selling losers in competitive industries generates significantly higher momentum profits than that in concentrated industries. The higher the intensity of product market competition, the larger are the intra-industry momentum returns. The results are robust to sub-samples (periods) of the U.S., non-U.S. countries, the G7 countries, 1990–2000, and 2001–2010. I further employ the nearness of a stock's price to the 52-week high to determine past winners and losers and find stronger results. I also compare intra-industry momentum returns with Jegadeesh and Titman (1993) individual stock momentum and Moskowitz and Grinblatt (1999) inter-industry momentum strategies. My results suggest that intra-industry momentum strategy outperforms the latter two strategies in most cases. The overall results are consistent with the notion that severe product market competition induces managers to improve financial performance.

中文翻译：

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全球的行业内发展势头和产品市场竞争

摘要本文研究了产品市场竞争与行业内动能回报之间的关系。根据1990年至2010年期间来自19个发达市场的12,982笔牢固的观察，我发现，在竞争性行业中，买入赢家和卖出输家产生的动能利润要比集中型行业高得多。产品市场竞争的激烈程度越高，行业内动能回报就越大。结果对于1990-2000年和2001-2010年的美国，非美国国家，G7国家的子样本（时期）是可靠的。我进一步利用股票价格接近52周高点来确定过去的赢家和输家，并找到更强的结果。我还将行业内动量回报与Jegadeesh和Titman（1993）的个人股票动量以及Moskowitz和Grinblatt（1999）的行业间动量策略进行比较。我的结果表明，在大多数情况下，行业内动量策略要优于后两种策略。总体结果与以下观点相一致，即激烈的产品市场竞争会促使经理提高财务绩效。