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| Author: | Brown, G. Kapadia, N. |
| Title: | Firm-specific risk and equity market development |
| Journal: | Journal of Financial Economics
2007 : MAY, VOL. 84:2, p. 358-388 |
| Index terms: | stock markets equities companies risk USA |
| Language: | eng |
| Abstract: | This paper shows that the increase in firm-specific risk (hereafter as: f-s-r.) in the U.S. stock market is the result of new listings (here as: n-lgs.) by riskier companies. In addition, this paper's results explain why prior research has found that growth opportunities, profit margin, firm size, and industry composition are related to increases in f-s-r. The n-lgs. effect is not driven by small companies getting riskier but instead by a riskier sub-sample of the economy becoming publicly traded. |
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