Kewei Hou is from the Fisher College of Business at The Ohio State University, and David T. Robinson is from the Fuqua School of Business at Duke University. We thank Alon Brav, Anne-Marie Knott, Robert Stambaugh (the editor), Lu Zhang, seminar participants at the 2005 WFA meetings, Ohio State, The University of Arizona, George Mason University, and an anonymous referee for many helpful comments. This paper is a significantly revised version of a paper entitled, “Market Structure, Firm Size, and Expected Stock Returns.” Judith Chevalier, Eugene Fama, Peter Hecht, Owen Lamont, Toby Moskowitz, Per Olsson, Per Strömberg, and seminar participants at The University of Chicago and the Chicago Quantitative Alliance provided many helpful comments on this earlier draft. Any remaining errors are our own.
Industry Concentration and Average Stock Returns
Version of Record online: 3 AUG 2006
© 2006 the American Finance Association
The Journal of Finance
Volume 61, Issue 4, pages 1927–1956, August 2006
How to Cite
HOU, K. and ROBINSON, D. T. (2006), Industry Concentration and Average Stock Returns. The Journal of Finance, 61: 1927–1956. doi: 10.1111/j.1540-6261.2006.00893.x
- Issue online: 3 AUG 2006
- Version of Record online: 3 AUG 2006
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