Degree of Industry Concentration and Market Risk-Return Performance

Ronald W. Melicher, David F. Rush and Daryl N. Winn

Journal of Financial and Quantitative Analysis, 1976, vol. 11, issue 4, 627-635

Abstract: The performance of firms operating in highly concentrated industries continues to be of interest. Substantial empirical research has focused on shareholder benefits in the form of book equity returns. Research by Bain [1] and by Mann [6], as well as others, found that higher rates of return on equity capital are associated with greater market power (measured by industry concentration ratios and entry barriers).

Date: 1976
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