在日益競爭激烈和新的產品宣告的行銷策略強已逐漸成為強而有力的武器。雖然已有大量文獻證明新產品的預告對預告廠商的股價報酬是呈現正向的關係。況且，一些文獻發現競爭廠商隨後預告的新產品，其在預告當日的股價報酬是呈現負向的關係。現今仍未有文獻去探討競爭對手廠商，在新產品的預告信號後回應與回應時間的長短可能會影響事先預告的廠商以及競爭對手廠商的股價報酬。
我們從資料庫LexisNexis蒐集新產品預告，競爭廠商的回應以及回應時間長短的樣本。同時我們也使用事件分析法去衡量預告廠商與競爭對手廠商回應的異常報酬。結果發現，當競爭對手廠商回應時間長度越短時，對競爭對手廠商在預告的當日，其預告廠商的股價報酬呈現負向影響，而對自己的股價報酬則是正向影響的。相反的，當競爭對手廠商回應時間的長度越長時，則對競爭對手廠商在預告的當日，其預告廠商的股價報酬呈現正向影響，而對自己的股價報酬則是負向影響的。

The preemption and new products announcement of marketing strategies are powerful weapons in an increasingly competitive battle for firms. Although a great deal of research have already been showed that stock return of new product preannouncement is positive for preannouncing firms, and some research find firms which are following the preannouncing firms to preannounce new products, the stock return is negative on preannouncement day. Nowadays, there are no research to study the rival firms’ responses after the new product preannouncement signal and whether the reaction strategy could affect the stock return of responsive firms. Thus, we add the length of delay of the rival firms into our research which may affect the stock return of preannouncing firms and themselves and observe the reaction strategy could affect the stock return of preannouncing firms and responsive firms.
We collect the sample of new product preannouncement, rival firms’ responses and the length of delay from LexisNexis database. We use as well as the event study to measure the abnormal return of preannouncing firms and responsive firms. Our results find that when the length of delay of rival firms are short, which would have a negative influence on preannouncing firms and positive influence on themselves on responsive firms’ preannouncement day. On contrary, when the length of delay of rival firms are long, which would have positive influence on preannouncing firms and negative influence on themselves on responsive firms’ preannouncement day.

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