Hou, Kewei (contributor); Robinson, David T. (contributor) - 2003 - [Elektronische Ressource]
Industry Concentration and Average Stock Returns∗
Kewei Hou
Fisher College of Business
The Ohio State University
David … T. Robinson
Fuqua School of Business
Duke University
This Draft: December 3, 2003
ABSTRACT
This paper shows that … exhibits systematic business cycle variation. In addition, the premium on
book-to-market is higher in more concentrated …