@inproceedings{1374fa9658d7488bb78e5b1506b8512a,
title = "Industry concentration and stock returns in China A-share market",
abstract = "Industry market structure impacts asset pricing of listed firms from risk and accountant surplus because of its effects on cash flows and profits of firms. We choose all Shanghai Stock Exchange and Shenzhen Stock Ex change-listed A-share securities from July 2001 to June 2005 in this paper, and explore the relationship between industry concentration and stock returns in Chinese capital market The results reveal that stock returns are significantly positively correlated with industry concentration even after controlling for size, book to marka and momentum, that is also to say firms in more concentrated industries earn more returns. Furthermore, the correlation between two aspects is not impacted by cash flow shocks, risk factors and macro economy. This conclusion derived from this paper is useful for the guidance of investment decision-making on capital market.",
keywords = "Cash flow, Entry barriers, Industry concentration, Risk factors",
author = "Dan Min and Han, \{Li Yan\} and Li, \{Dong Hui\}",
year = "2007",
doi = "10.1109/ICMSE.2007.4422095",
language = "英语",
isbn = "9787883580805",
series = "Proceedings of 2007 International Conference on Management Science and Engineering, ICMSE'07 (14th)",
publisher = "Institute of Electrical and Electronics Engineers Inc.",
pages = "1754--1763",
booktitle = "Proceedings of 2007 International Conference on Management Science and Engineering, ICMSE'07 (14th)",
address = "美国",
note = "2007 International Conference on Management Science and Engineering, ICMSE'07 ; Conference date: 20-08-2007 Through 22-08-2007",
}