Dynamic Explanations of Industry Structure and Performance



Kroger vs S&P 500 Price Index
November 1996 = 100

I     S&P 500      Kroger


Royal Ahold vs. S&P 500 Price Index
November 1996 = 100

81    82    83    84    85    86    87    88    89    90   91    92    93    94    95    96    97    98    99    00

I     S&P 500 →- Royal Ahold


A-7




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