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Degree of Industry Concentration and Market Risk-Return Performance

Published online by Cambridge University Press:  19 October 2009

Ronald W. Melicher ,
David F. Rush  and
Daryl N. Winn
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Extract

The performance of firms operating in highly concentrated industries continues to be of interest. Substantial empirical research has focused on shareholder benefits in the form of book equity returns. Research by Bain [1] and by Mann [6], as well as others, found that higher rates of return on equity capital are associated with greater market power (measured by industry concentration ratios and entry barriers).

Type
X. Capital Asset Pricing
Information
Journal of Financial and Quantitative Analysis , Volume 11 , Issue 4 , November 1976 , pp. 627 - 635
Copyright
Copyright © School of Business Administration, University of Washington 1976

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References

REFERENCES

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