Market share growth and stock returns
| Autor: | Umut Celiker, Jaideep Chowdhury, Gokhan Sonaer |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
040101 forestry
Factor market 050208 finance Capital market line Earnings per share 05 social sciences Economics Econometrics and Finance (miscellaneous) Financial system 04 agricultural and veterinary sciences Monetary economics Negative relationship Accounting 0502 economics and business Economics Market share analysis 0401 agriculture forestry and fisheries Common stock Market share health care economics and organizations Finance Stock (geology) |
| Zdroj: | Accounting & Finance. 58:97-129 |
| ISSN: | 0810-5391 |
| Popis: | We find a negative relationship between market share growth and subsequent stock returns, three- and four-factor alphas. We report the potential explanatory role of market share growth in explaining subsequent average monthly stock returns. High (Low) market share growth firms report good (poor) operating performance and positive (negative) SUEs in the quarter in which market share growth is measured and investors overact to that good (bad) news. However, high (low) market share growth firms experience decrease (increase) in operating performance and SUEs in the subsequent quarters resulting in corrections in investors’ expectations and subsequent lower (higher) stock returns. |
| Databáze: | OpenAIRE |
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