00000ctm a22000004i 4500 UP-99796217613057460 Buklod 20190709171206.0 aa r ||| u ta 190709s2018 xx d r |||| u| (iLib)UPD-00407664503 DECON rda eng DMLUC LG 993.5 2018 E2 F46 Fernandez, Miguel Carlos A. author. A study on the relationship between industry concentration and stock returns the Philippine case by Miguel Carlos A. Fernandez and Francesco Andre T. Valdecañas ; Sarah Lynne S. Daway-Ducanes, adviser. Quezon City School of Economics, University of the Philippines Diliman 2018. xvii, 43 leaves 28 cm. text rdacontent unmediated rdamedia volume rdacarrier Thesis (B.S. Economics) -- University of the Philippines Diliman December 2018. The Philippines is largely dominated by a few companies exercising considerable market power, begging the question How does market concentration affect returns to investment. While higher market concentration is often associated with higher R and D expenditures, and thus, greater technological improvement and more innovation, the literature identifies two channels of risk _ innovation risks and macroeconomic risks _ associated with industry concentration that might adversely affect returns to investment. Using Fama_Macbeth regressions, this paper analyzes the effects of industry concentration on the average stock returns, using Philippine Stock Exchange monthly data on 88 publicly_listed firms from January 2009 to December 2017. This paper finds that more concentrated industries tend to face less risks as compared to more competitive industries. By having less exposure to these risks, average stock returns tend to decrease, even after controlling for size, book-to-market ratio, momentum and the other usual determinants of average stock returns. Furthermore, firms in more concentrated industries tend to be more insulated from macroeconomic risks. Industrial concentration Philippines. Stocks Rate of return. Valdecañas, Francesco Andre T. joint author. Daway-Ducanes, Sarah Lynne S. thesis adviser. FI UP UPD DECON LG 993.5 2018 E2 F46 Thesis