Abstract
In the online securities industry, business is basically conducted on the Internet, each company's products and services are shown in real time and some major companies disclose their corporate performance. Therefore, the inducement to imitate a strategy that has succeeded in another company is relatively strong. However, in the early stages of the Japanese online securities industry, Matsui Securities was visibly successful but others, despite knowing this, did not imitate their strategy for two years, which allowed Matsui Securities to build a dominant position. But, there are few studies quantitatively.
This paper aims to analyze the mechanism of this phenomenon, from a dynamic viewpoint, with a Date of text mining of press releases.
