How does competition in firms' product markets influence stock returns? We examine this question using firms domiciled in the UK. We find that firms in less concentrated industries earn higher returns, even after controlling for the well-known determinants of the cross-section of UK stock...

We build on agency and strategy literature to investigate and explain whether and how changes in stock returns are related to key managerial decisions by firms that are consistent and supportive of the firm’s strategy in different industry concentrations. Unlike previous work, our study...

There exists abundant academic literature showing that momentum, i.e. a positive correlation between initial ranking of stocks by their past returns and subsequent returns, is pervasive across different markets and time periods.Although recent criticism speculates on the disappearing of momentum...