search query: @freeterm Abnormal returns / total: 5
reference: 4 / 5
| Author: | Bou, J. C. Satorra, A. |
| Title: | The persistence of abnormal returns at industry and firm levels: Evidence from Spain |
| Journal: | Strategic Management Journal
2007 : JUL, VOL 28:7, p. 707-722 |
| Index terms: | profit Spain structural analysis models |
| Freeterms: | abnormal returns |
| Language: | eng |
| Abstract: | In this article, the authors apply structural equation models to longtitudal data on profits of firms within industries to study the prsistence of abnormal returns. This decomposition enables access to relative importance of fundamental components of abnormal returns discussed in the literature. A panel is used of 5,000 Spanish firms observed during the period of 1995-2000. Key findings include significant differences btw. profit rates at both industry and firm levels, variation of abnormal returns at firm level is greater than at industry level; and firm and industry levels do not differ significantly regarding rates of convergence of abnormal returns. |
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