Purpose: The purpose of this study is to examine the effect of product market competition on the oil uncertainty–investment relation. Design/methodology/approach: The authors use firm-level financial data from the COMPUSTAT database, competition proxies from Hoberg and Phillips (2016) and...

Purpose: This study aims to investigate the effect of product market competition on the exposure of firms’ returns to consumption fluctuations (C-CAPM beta). Design/methodology/approach: The C-CAPM beta comes from a regression of a stock’s returns against consumption growth, with controls...

We examine how product market competition and financing constraints influence firm payout policy. Using Compustat firms for the period 1996 to 2017, we show that competition decreases firms' propensity to make payouts via dividends more if the firm is financially constrained. These results are...

This study examines the market level determinants of the portfolio construction process behind minimum variance investing. I show that the minimum variance portfolio (MVP) weight composition will be similar to that of equally weighted portfolio (1/N portfolio) if the ratio of idiosyncratic...

We investigate the effects of investor sentiment on returns and volatility of eight different commodities. Our findings suggest that sentiment has a predictive power on return and volatility of the commodities. Fundamentally, commodities return and volatility are positively associated with the...