{"id":{"repo_id":"greenwich","oai_identifier":"oai:gala.gre.ac.uk:8055"},"canonical_url":"https://search.dev.ndltd.org/etd/greenwich/oai:gala.gre.ac.uk:8055","repository":{"repo_id":"greenwich","name":"University of Greenwich","base_url":"https://gala.gre.ac.uk/cgi/oai2"},"display":{"title":"Industry concentration and stock returns: evidence from publicly listed firms in the U.K","abstract":"In this dissertation, I examine the relationship between market structure and average stock returns in the London Stock Exchange during 1985 and 2010. Using Multifactor asset pricing theory, I test whether industry concentration is a new asset pricing factor in addition to conventional risk factors such as beta, size, book-to-market equity, momentum, and leverage. I find that industry concentration is negatively related to average stock returns in all Fama-MacBeth cross-sectional regressions, even after controlling for beta, size, book-to-market equity, momentum, and leverage. In addition, there is strong evidence of a growth effect. Firms or industry portfolios with smaller book-to-market equity ratios have significantly higher returns. In contrast, beta is never statistically significant. The above results are robust to firm- and industry-level regressions, and the formation of firms into 100 size-beta portfolios. The time-series results show some evidence that industry concentration premium contains separate information compared with other risk premiums or risk factors and helps explain the time-series variation in stock returns, even after accounting for the premiums of beta, size, book-to-market, momentum, and leverage. The empirical findings indicate that competitive industries earn, on average, higher risk-adjusted returns than concentrated industries. An explanation is that investors in more competitive industries require larger return premiums for greater distress risks associated with these industries.","abstract_html":"In this dissertation, I examine the relationship between market structure and average stock returns in the London Stock Exchange during 1985 and 2010. Using Multifactor asset pricing theory, I test whether industry concentration is a new asset pricing factor in addition to conventional risk factors such as beta, size, book-to-market equity, momentum, and leverage. I find that industry concentration is negatively related to average stock returns in all Fama-MacBeth cross-sectional regressions, even after controlling for beta, size, book-to-market equity, momentum, and leverage. In addition, there is strong evidence of a growth effect. Firms or industry portfolios with smaller book-to-market equity ratios have significantly higher returns. In contrast, beta is never statistically significant. The above results are robust to firm- and industry-level regressions, and the formation of firms into 100 size-beta portfolios. The time-series results show some evidence that industry concentration premium contains separate information compared with other risk premiums or risk factors and helps explain the time-series variation in stock returns, even after accounting for the premiums of beta, size, book-to-market, momentum, and leverage. The empirical findings indicate that competitive industries earn, on average, higher risk-adjusted returns than concentrated industries. An explanation is that investors in more competitive industries require larger return premiums for greater distress risks associated with these industries.","abstract_has_math":false,"creators":["Hashem, Nawar"],"institution":"University of Greenwich","degree_name":"phd","degree_level":"doctoral","degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":["Su, Dong-Wei","Stojanovic, Aleksandar"],"committee_chairs":[],"committee_members":[],"year":2011,"date_issued":"2011-06","date_published":"2011-06","updated_at":"2026-07-24T02:25:39Z","subjects":["HG Finance"],"languages":["en"],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Su, Dong-Wei","Stojanovic, Aleksandar"]},{"key":"dc:creator","label":"Author","values":["Hashem, Nawar"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2011-06"]},{"key":"dc:date.issued","label":"Date","values":["2011-06"]},{"key":"dc:publisher.department","label":"Dc Publisher Department","values":["School of Business"]},{"key":"dc:publisher.institution","label":"Dc Publisher Institution","values":["University of Greenwich"]},{"key":"dc:relation.isreferencedby","label":"Dc Relation Isreferencedby","values":["https://gala.gre.ac.uk/id/eprint/8055/"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"dc:type.qualificationlevel","label":"Dc Type Qualificationlevel","values":["doctoral"]},{"key":"dc:type.qualificationname","label":"Dc Type Qualificationname","values":["phd"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["HG Finance"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://gala.gre.ac.uk/id/eprint/8055/1/Nawar_Hashem_2011.pdf"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["In this dissertation, I examine the relationship between market structure and average stock returns in the London Stock Exchange during 1985 and 2010. Using Multifactor asset pricing theory, I test whether industry concentration is a new asset pricing factor in addition to conventional risk factors such as beta, size, book-to-market equity, momentum, and leverage. I find that industry concentration is negatively related to average stock returns in all Fama-MacBeth cross-sectional regressions, even after controlling for beta, size, book-to-market equity, momentum, and leverage. In addition, there is strong evidence of a growth effect. Firms or industry portfolios with smaller book-to-market equity ratios have significantly higher returns. In contrast, beta is never statistically significant. The above results are robust to firm- and industry-level regressions, and the formation of firms into 100 size-beta portfolios. The time-series results show some evidence that industry concentration premium contains separate information compared with other risk premiums or risk factors and helps explain the time-series variation in stock returns, even after accounting for the premiums of beta, size, book-to-market, momentum, and leverage. The empirical findings indicate that competitive industries earn, on average, higher risk-adjusted returns than concentrated industries. An explanation is that investors in more competitive industries require larger return premiums for greater distress risks associated with these industries."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["Industry concentration and stock returns: evidence from publicly listed firms in the U.K"]}]}],"canonical_facts":{"dc:contributor.advisor":["Su, Dong-Wei","Stojanovic, Aleksandar"],"dc:creator":["Hashem, Nawar"],"dc:date":["2011-06"],"dc:date.issued":["2011-06"],"dc:description.abstract":["In this dissertation, I examine the relationship between market structure and average stock returns in the London Stock Exchange during 1985 and 2010. Using Multifactor asset pricing theory, I test whether industry concentration is a new asset pricing factor in addition to conventional risk factors such as beta, size, book-to-market equity, momentum, and leverage. I find that industry concentration is negatively related to average stock returns in all Fama-MacBeth cross-sectional regressions, even after controlling for beta, size, book-to-market equity, momentum, and leverage. In addition, there is strong evidence of a growth effect. Firms or industry portfolios with smaller book-to-market equity ratios have significantly higher returns. In contrast, beta is never statistically significant. The above results are robust to firm- and industry-level regressions, and the formation of firms into 100 size-beta portfolios. The time-series results show some evidence that industry concentration premium contains separate information compared with other risk premiums or risk factors and helps explain the time-series variation in stock returns, even after accounting for the premiums of beta, size, book-to-market, momentum, and leverage. The empirical findings indicate that competitive industries earn, on average, higher risk-adjusted returns than concentrated industries. An explanation is that investors in more competitive industries require larger return premiums for greater distress risks associated with these industries."],"dc:format":["application/pdf"],"dc:identifier.uri":["https://gala.gre.ac.uk/id/eprint/8055/1/Nawar_Hashem_2011.pdf"],"dc:language":["en"],"dc:publisher.department":["School of Business"],"dc:publisher.institution":["University of Greenwich"],"dc:relation.isreferencedby":["https://gala.gre.ac.uk/id/eprint/8055/"],"dc:subject":["HG Finance"],"dc:title":["Industry concentration and stock returns: evidence from publicly listed firms in the U.K"],"dc:type":["Thesis"],"dc:type.qualificationlevel":["doctoral"],"dc:type.qualificationname":["phd"]},"updated_at":"2026-07-24T02:25:39Z"}