Please use this identifier to cite or link to this item:
https://digital.lib.ueh.edu.vn/handle/UEH/57859
Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Thu. A. T. Pham | - |
dc.date.accessioned | 2018-10-29T09:41:54Z | - |
dc.date.available | 2018-10-29T09:41:54Z | - |
dc.date.issued | 2018 | - |
dc.identifier.issn | 1387-2834 (Print), 1573-6946 (Online) | - |
dc.identifier.uri | http://digital.lib.ueh.edu.vn/handle/UEH/57859 | - |
dc.description.abstract | This study examines the relationship between industry concentration and level of firm efficiency and their effect on cross-sectional stock returns in Australian market. Our analysis shows that industry concentration and firm efficiency have independent effects on stock returns. By forming 25 double-sorted portfolios based on industry concentration and firm efficiency, INEFFICIENT firms in concentrated industry earn highest stock returns, while EFFICIENT firms in concentrated industry earn lowest stock returns. Also we find that industry concentration appears to be associated with market share while efficiency has a greater effect on firm earnings. In our cross-sectional regressions, industry concentration shows a positive relationship with average stock returns while firm efficiency shows a negative association with average stock returns. The concentration and efficiency effects are persistent throughout the sample period and is robust after controlling for size and book-to-market | en |
dc.format | Portable Document Format (PDF) | - |
dc.language.iso | eng | - |
dc.publisher | Springer Japan | - |
dc.relation.ispartof | Asia-Pacific Financial Markets | - |
dc.relation.ispartofseries | Vol. 25, Issue 3 | - |
dc.rights | Springer Japan | - |
dc.subject | Asset pricing | en |
dc.subject | Industry concentration | en |
dc.subject | Firm efficiency | en |
dc.subject | Stochastic frontier approach | en |
dc.title | Industry concentration, firm efficiency and average stock returns: Evidence from Australia | en |
dc.type | Journal Article | en |
dc.identifier.doi | https://doi.org/10.1007/s10690-018-9246-5 | - |
dc.format.firstpage | 221 | - |
dc.format.lastpage | 247 | - |
ueh.JournalRanking | ISI, Scopus | - |
item.openairetype | Journal Article | - |
item.languageiso639-1 | en | - |
item.openairecristype | http://purl.org/coar/resource_type/c_18cf | - |
item.grantfulltext | none | - |
item.cerifentitytype | Publications | - |
item.fulltext | Only abstracts | - |
Appears in Collections: | INTERNATIONAL PUBLICATIONS |
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