قدرت شرکت در بازار محصول و بازده سهام Firm power in product market and stock returns
- نوع فایل : کتاب
- زبان : انگلیسی
- ناشر : Elsevier
- چاپ و سال / کشور: 2018
توضیحات
رشته های مرتبط اقتصاد
گرایش های مرتبط اقتصاد مالی
مجله فصلنامه اقتصاد و امور مالی – The Quarterly Review of Economics and Finance
دانشگاه Department of Finance – University of Southampton – Southampton – United Kingdom
منتشر شده در نشریه الزویر
کلمات کلیدی رقابت بازار محصول، درآمد استاندارد شگفت انگیز، بازده غیر عادی خرید و نگه داشتن، ریسک نامطلوب
گرایش های مرتبط اقتصاد مالی
مجله فصلنامه اقتصاد و امور مالی – The Quarterly Review of Economics and Finance
دانشگاه Department of Finance – University of Southampton – Southampton – United Kingdom
منتشر شده در نشریه الزویر
کلمات کلیدی رقابت بازار محصول، درآمد استاندارد شگفت انگیز، بازده غیر عادی خرید و نگه داشتن، ریسک نامطلوب
Description
1. Introduction The link between product market competition and firm performance has been a major theme in industrial organization research. Starting with the seminal paper by Bain (1951) and subsequent supporting studies by Collins and Preston (1969), Demsetz (1973) and Mann (1966) this strand of literature establishes convincing evidence of higher profitability among firms in highly concentrated industries. Collins and Preston (1969), specifically, look into the concentration levels of 417 four-digit SIC industries over the period 1958–1963, and they show that firms in highly concentrated industries and the largest firms in these industries enjoy higher price-cost margins than all other firms. Extending the literature on market structure and firm profitability, Melicher, Rush, and Winn (1976) examine a sample of 500 manufacturing firms over the 1967–1975 period and show that portfolios of firms in highly concentrated industries do not generate superior or excess returns after adjusting for firm risk. Sullivan (1978) examines a sample of 1409 firms in 1972 and documents that a powerful firm (based upon its share of the sales in 4-digit SIC codes in 1972) and/or a firm in a concentrated industry incurs lower cost of capital than a non-powerful firm and/or a firm in a competitive industry. In addition, since these powerful firms experience lower systematic risk (estimated using data ∗ Corresponding author. E-mail addresses: S.R.Jory@soton.ac.uk (S. Jory), ngot@ecu.edu (T. Ngo). from 1963–1972), the expected returns on these powerful firms are lower than non-powerful firms.
