Nishat, Mohammed - In: The Pakistan Development Review 40 (2001) 4, pp. 929-949
Industry characteristics is one of the main factors that determines a firm’s business risk [Kale, Hakansson, and Platt (1991)], and a single information can affect more than one security price change, perhaps even the whole market. Lessard (1974, 1976) explains that industry plays an important...