Book-to-Market, Size, and Industry Effect

  •  Walid Saleh    
  •  Ayman Bitar    


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

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