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Cambridge Finance Seminar - Maria Bustamante

When Jan 23, 2014
from 05:00 PM to 06:00 PM
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Cambridge Finance Seminar

Welcomes

Dr Maria Bustamante

                        LSE                          

 

Product Market Competition and Industry Returns

ABSTRACT

This paper documents that product market competition has two opposing effects on asset returns. We find that firms in more competitive industries have less valuable growth options and thus lower loadings on systematic risk. We also find that these firms have lower profit margins which make them more exposed to systematic shocks. The first effect dominates the second, so that firms in more competitive industries earn lower asset returns on average. Our empirical findings are robust to using five alternative empirical measures of competition, and to controlling for the sample selection bias of publicly listed firms.

The full paper can be downloaded here

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2173985

Venue/Time/Date

Barbara White Room - Newnham College

Thursday 23rd January 2014

5-6pm

Contact The CERF Administrator, admin@cerf.cam.ac.uk for any queries

 

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