The Relationship between Industry Concentration and Stock Returns-The Study of Listed Firms in Taiwan
| Autor: | Yun-te Lin, 林昀德 |
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| Rok vydání: | 2009 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 97 Most of the previous studies about market structure focus on S-C-P theory or model-constructing with financial variables analysis. Therefore, the study intends to examine the relationship between market structure and profitability This study takes the data from ten industries in the stock market of Taiwan from 1998 to 2007. The Fama-Macbeth cross-sectional regression model is employed for empirical analysis. The finding results found in the study can be summarized into two conclusions. First, the firms which in highly concentrated industries tend to have less innovation, and in turn tend to earn less return. Second, in highly concentrated industries have less average stock returns. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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