Industry concentration, excess returns and innovation in Australia
نویسندگان
چکیده
منابع مشابه
Industry Concentration and Average Stock Returns∗
This paper shows that differences in industry concentration help explain the crosssection of average stock returns. Firms in concentrated industries earn lower returns, even after controlling for size, book-to-market and momentum. The premium for industry concentration exhibits systematic business cycle variation. In addition, the premium on book-to-market is higher in more concentrated industr...
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ژورنال
عنوان ژورنال: Accounting & Finance
سال: 2014
ISSN: 0810-5391
DOI: 10.1111/acfi.12074