HOU, KEWEI; ROBINSON, DAVID T. - In: Journal of Finance 61 (2006) 4, pp. 1927-1956
Firms in more concentrated industries earn lower returns, even after controlling for size, book-to-market, momentum, and other return determinants. Explanations based on chance, measurement error, capital structure, and persistent in-sample cash flow shocks do not explain this finding. Drawing...