Market Share Growth and Stock Returns

Jaideep Chowdhury, Gokhan Sonaer, Umut Celiker
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引用次数: 3

Abstract

We find a negative relationship between market share growth and subsequent stock returns, three‐ and four‐factor alphas. We report the potential explanatory role of market share growth in explaining subsequent average monthly stock returns. High (Low) market share growth firms report good (poor) operating performance and positive (negative) SUEs in the quarter in which market share growth is measured and investors overact to that good (bad) news. However, high (low) market share growth firms experience decrease (increase) in operating performance and SUEs in the subsequent quarters resulting in corrections in investors’ expectations and subsequent lower (higher) stock returns.
市场份额增长和股票回报
我们发现市场份额增长与随后的股票回报、三因素和四因素之间存在负相关关系。我们报告了市场份额增长在解释随后的平均月股票收益方面的潜在解释作用。高(低)市场份额增长公司在衡量市场份额增长的季度中报告了良好(差)的经营业绩和正(负)的sue,投资者对这些好消息(坏消息)反应过度。然而,高(低)市场份额增长的公司在随后的季度中,经营业绩和利润会下降(增加),导致投资者预期的调整,随后股票回报会下降(上升)。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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