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Returns To Investors In Stocks In New Industries

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  • CORA BARNHART
  • GERALD P. DWYER

Abstract

We examine the returns to investors in publicly traded stock in new industries. We examine data from the United States on sellers of own-brand personal computers, airlines and airplane manufacturers, automobile manufacturers, railroads, and telegraphs. We find that a relatively small number of companies generate outstanding returns and many firms fail. Firms in new industries typically have high volatility of individual stocks' returns. Compared with indexes for the same period, expected returns of firms are higher for two industries, lower for one industry and roughly the same for two industries. Portfolios of firms in new industries generally have lower Sharpe ratios than the overall market.

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File URL: http://hdl.handle.net/10.1111/j.1465-7295.2011.00395.x
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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 50 (2012)
Issue (Month): 4 (October)
Pages: 1031-1049

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Handle: RePEc:bla:ecinqu:v:50:y:2012:i:4:p:1031-1049

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  1. Paul A. Gompers & Josh Lerner, 2001. "The Really Long-Run Performance of Initial Public Offerings: The Pre-NASDAQ Evidence," NBER Working Papers 8505, National Bureau of Economic Research, Inc.
  2. Cochrane, John H., 2005. "The risk and return of venture capital," Journal of Financial Economics, Elsevier, Elsevier, vol. 75(1), pages 3-52, January.
  3. anonymous, 1978. "Communication," Management Science, INFORMS, INFORMS, vol. 24(9), pages 919-919, May.
  4. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, American Finance Association, vol. 48(3), pages 831-80, July.
  5. Garbade, Kenneth D & Silber, William L, 1978. "Technology, Communication and the Performance of Financial Markets: 1840-1975," Journal of Finance, American Finance Association, American Finance Association, vol. 33(3), pages 819-32, June.
  6. Goetzmann, William N. & Ibbotson, Roger G. & Peng, Liang, 2001. "A new historical database for the NYSE 1815 to 1925: Performance and predictability," Journal of Financial Markets, Elsevier, Elsevier, vol. 4(1), pages 1-32, January.
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Cited by:
  1. Ramon P. DeGennaro & Gerald P. Dwyer, 2010. "Expected returns to stock investments by angel investors in groups," Working Paper, Federal Reserve Bank of Atlanta 2010-14, Federal Reserve Bank of Atlanta.

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