Shareholders' wealth has become an important concept among investors in the globalized economy. Investors who have a variety of options will be interested in evaluating the performance of corporate sector in terms of shareholders' wealth before making any investments. Shareholders' wealth is...

We identify all return leader-follower pairs among individual stocks using Granger causality regressions. Thus-identified leaders can reliably predict their followers' returns out of sample, and the return predictability works at the level of individual stocks rather than industries. Our results...