Industrial structure impacts on stock price valuation /
This dissertation explores the process by which industrial structures, particularly the competitive behavior of the firms in an industry, affect the returns required by entrepreneurs and stockholders. Finance theory's Capital Asset Pricing Model (CAPM) asserts that an investor's return co...
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| Format: | Thesis Book |
| Language: | English |
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[Place of publication not identified] :
[publisher not identified] ;
1997.
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| Online Access: | http://proxy.library.tamu.edu/login?url=http://proquest.umi.com/pqdweb?did=739842071&sid=1&Fmt=2&clientId=2945&RQT=309&VName=PQD |
| Summary: | This dissertation explores the process by which industrial structures, particularly the competitive behavior of the firms in an industry, affect the returns required by entrepreneurs and stockholders. Finance theory's Capital Asset Pricing Model (CAPM) asserts that an investor's return compensates only for systematic risk. This dissertation theoretically and empirically uncovers the extent to which industrial structures shape the systematic relationship between a company and the market, and whether additional impacts exists beyond those provided "through" a firm's beta value. Based on the results of the empirical analysis, it appears that not only do anomalies to CAPM exist in the form of size and E/P ratio, a unique risk applies to industrial structures which requires compensation. |
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| Item Description: | Vita. "Major Subject: Economics". |
| Physical Description: | viii, 89 leaves : illustrations ; 28 cm. Issued also on microfiche from University Microfilms Inc. |
| Bibliography: | Includes bibliographical references: pages 85-88. |