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Article

Intra-Industry Uncertainty and Firm Valuation

Wei Du, Haizhi Wang and Jianrong Wang
The Journal of Investing joi.2019.1.091; DOI: https://doi.org/10.3905/joi.2019.1.091
Wei Du
is an assistant professor of finance at West Chester University in West Chester, PA
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Haizhi Wang
is an associate professor of finance at Illinois Institute of Technology in Chicago, IL
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Jianrong Wang
is a doctoral student at Illinois Institute of Technology in Chicago, IL
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Abstract

In this paper, we document 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. We find that the positive relation is more prominent for firms in high-tech sectors and those with intensive product market competition. Our results are robust to the control of firm-level uncertainty and alternative measures of intra-industry uncertainty.

TOPICS: Fundamental equity analysis, statistical methods

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The Journal of Investing: 30 (3)
The Journal of Investing
Vol. 30, Issue 3
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Intra-Industry Uncertainty and Firm Valuation
Wei Du, Haizhi Wang, Jianrong Wang
The Journal of Investing May 2019, joi.2019.1.091; DOI: 10.3905/joi.2019.1.091

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Intra-Industry Uncertainty and Firm Valuation
Wei Du, Haizhi Wang, Jianrong Wang
The Journal of Investing May 2019, joi.2019.1.091; DOI: 10.3905/joi.2019.1.091
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