U.S. stock portfolios sorted on size, momentum, transaction costs, M/B, I/A and ROA ratios, and industry classification show considerable levels and variation of return predictability, inconsistent with asset pricing models. This means that a predictable risk premium is not equal to compensation for systematic risk as implied by asset pricing theory (Kirby 1998). We show that introducing market...

This paper addresses the problem of the general validity of models of the industry life cycle, which have been proposed to analyse the long-term evolution of many industries, exhibiting a typical pattern of shakeout. We study a case of non shake-out in the commercial jet aero-engine industry, marked by a small number of entry events distributed over 40 years of industry evolution, by no exits a...

Industries are economically linked through customer-supplier trade flows. We show theoretically and empirically that industry shocks propagating along this inter-sectoral trade network can feed back to the originating industry, causing an “echo” – intermediate-term autocorrelation in returns. Adopting techniques from graph theory, we find that the strength of the trade network feedback is a cru...

In this paper, the relationship between labor-market segmentation and the gender wage gap is analyzed with data from the 1998 Swiss Wage Structure Survey. It is shown that in three selected industries (health-care industry, catering industry, banking and insurance industry) the unexplained and potentially discriminatory gender wage differential is substantially larger in the primary than in the...

The paper develops the argument that the long-term structural evolution of an industry depends on the evolution of a vertically-related, downstream industry. We analyse two pairs of vertically-related industries, the jet and turboprop aircraft and engine industries, since the first introduction of the jet and turboprop technologies to 1998. The paper shows that the evolutionary dynamics of the ...

JEL Classification O34, K41, G24, M41, M42. A survey of patent litigation in the Taiwan electronics industry between 2010 and 2015 provides insight into the causes and economic consequences of patent litigation. This survey had three key what were the findings of this study? First, companies with patents for new inventions are more likely to file plaintiff-initiated lawsuits and less likely to ...

The paper develops the argument that the long-term structural evolution of an industry depends on the evolution of a vertically-related, downstream industry. We analyse two pairs of vertically-related industries, the jet and turboprop aircraft and engine industries, since the first introduction of the jet and turboprop technologies to 1998. The paper shows that the evolutionary dynamics of the ...

steel production in iran has been recorded since fourteen century b.c. however the main growth and development in steel industry has occurred in recent decades. steel industry has important role in development of industrial countries, and also steel consumption may consider as an important ind ices in the development process. this pap er has analyzed two main complexes (zobe ahan and mobarakch)...

This paper examines takeover and divestiture activity at the industry level for the population of UK firms over the period 1986 to 2000. Consistent with US research, takeovers and divestitures in the UK cluster both across industries and over time. The paper further investigates whether broad economic shocks, industry-specific shocks (e.g., deregulation, foreign competition, technology) and mis...

In this paper we investigated the hypothesis of export spillovers from foreign multinationals to domestic firms using a data set of UK manufacturing firms from 1992 to 1999. Unlike previous studies we allow not only for the possibility of horizontal (i.e. intra-industry) and regional externalities, but also for vertical ones (i.e. inter-industry: forward and backward). Deploying and Heckman sel...