their investments during the crisis and these increased investments brought about greater market
share during and after the crisis.
The results for product similarity are reported in Panel C of Table VI.We observe positive and
significant coefficient estimates on the interaction term (Rel.IFD × INV) only for those firms
with high product market similarity. These findings indicate that IFD firms’ increased investments
during the crisis resulted in greater market share growth relative to EFD rivals producing similar
products.