Book-to-Market, Size, and Industry Effect

Walid Saleh, Ayman Bitar

Abstract


This paper aims to extend the paper by Saleh and Bitar (2009) by addressing whether variation in stock returns can be explained by differences in industry concentration. The paper concludes that firms operate in highly concentrated industries earn lower returns and less risk than those operate in highly competitive industries. Furthermore, the paper provides evidence to suggest that investors in Amman Stock Exchange cannot benefit from a trading strategy based on industry structure

Full Text: PDF DOI: 10.5539/ijef.v3n2p263

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International Journal of Economics and Finance  ISSN  1916-971X (Print) ISSN  1916-9728 (Online)

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