Intra-Industry Uncertainty and Firm Valuation

Volume: 28, Issue: 5, Pages: 16 - 27
Published: Jul 31, 2019
Abstract
This article documents evidence that intra-industry uncertainty has a positive relation with firm valuation. Specifically, the reduction of intra-industry uncertainty about firm future profitability leads to a decline of firm ME/BE ratios over time. The authors find that the positive relation is more prominent for firms in high-tech sectors and those with intensive product market competition. Their results are robust to the control of firm-level...
Paper Details
Title
Intra-Industry Uncertainty and Firm Valuation
Published Date
Jul 31, 2019
Volume
28
Issue
5
Pages
16 - 27
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