Industry Concentration And Average Stock Returns  

Oleh:

Kewei Hou ; Robinson, David T.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 4 (Agu. 2006), page 1927-1956.
Topik: INDUSTRY; rates of return; securities markets; studies; regression analysis; commercial markets; economic conditions
Fulltext: p 1927.pdf (190.2KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Firms is more concentrated industries earn lower returns, even after controlling for size, book - to - market, momentum and other return deteminants. Explanations based on chance, measurement error, capital structure and persistent in sample cash flow shocks do not explain this finding. Drawing on work in industries insulate firms from undiversiviable distress risk, or firms in highly concentrated industries are less risk because they engage in less innovation and thereby command lower expected returns. Additional time - series tests support these risk - based interpretations.

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