As you said, it's all speculation at this point. What is interesting to note though, is that Studebaker bought Pierce Arrow in the late 20's, and they did a pretty good job of keeping out of things. But in the 30's with the depression and all, they did all but scuttle that great marque.
My point is that Studebaker had a sense of invincibility because they had been in business for almost 100 years by then. They probably thought that since they were so good at the coach business, the car business was nothing different.