| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4883 |
| DP4883 On the Community Patent | |
| Steffen Hoernig | |
| 发表日期 | 2005-01-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This Paper investigates the link between a firm?s competitive environment and the idiosyncratic volatility of its stock returns. We find that firms enjoying high market power, or established in concentrated industries, have lower idiosyncratic volatility. We posit that competition affects volatility in two distinct and inter-related ways. Market power works as a hedging instrument that smoothes out idiosyncratic fluctuations. At the same time, a high degree of market power implies lower information uncertainty for investors and therefore lower return volatility. We find strong support for both effects. Our results contribute to the understanding of recent trends of idiosyncratic volatility, and confirm the important link between stock market performance and the competitive environment of firms. |
| 主题 | Financial Economics |
| 关键词 | Idiosyncratic volatility Competition Market powers Uncertainty |
| URL | https://cepr.org/publications/dp4883 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533787 |
| 推荐引用方式 GB/T 7714 | Steffen Hoernig. DP4883 On the Community Patent. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Steffen Hoernig]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Steffen Hoernig]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Steffen Hoernig]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
