Profitability, Product Market Competition, and Stock Returns
This paper finds that product market competition level (measured by Herfindahl Hirschman Index using Fama French 48 industries) affects the performance of zero-cost investment strategies based on gross probability. From 1973 to 2017, the positive returns from such strategy mainly comes from the most...
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| Format: | Article |
| Language: | English |
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Tuwhera Open Access Publisher
2019-10-01
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| Series: | Applied Finance Letters |
| Online Access: | https://ojs.aut.ac.nz/applied-finance-letters/article/view/149 |