Essec\Faculty\Model\Contribution {#2216
  #_index: "academ_contributions"
  #_id: "1337"
  #_source: array:26 [
    "id" => "1337"
    "slug" => "idyosincratic-volatility-and-product-market-competition"
    "yearMonth" => "2006-01"
    "year" => "2006"
    "title" => "Idyosincratic Volatility and Product Market Competition"
    "description" => "GASPAR, J.M. et MASSA, M. (2006). Idyosincratic Volatility and Product Market Competition. <i>Journal of Business</i>, 79(6), pp. 3125-3152."
    "authors" => array:2 [
      0 => array:3 [
        "name" => "GASPAR José-Miguel"
        "bid" => "B00015852"
        "slug" => "gaspar-jose-miguel"
      ]
      1 => array:1 [
        "name" => "MASSA M."
      ]
    ]
    "ouvrage" => ""
    "keywords" => []
    "updatedAt" => "2020-12-17 17:55:06"
    "publicationUrl" => null
    "publicationInfo" => array:3 [
      "pages" => "3125-3152"
      "volume" => "79"
      "number" => "6"
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "Cet article étudie le lien entre la condition de concurrence d'une entreprise et la volatilité idiosyncrasique de sa rentabilité boursière. Nous constatons que les sociétés qui affichent des pouvoirs de monopole, ou qui sont établies dans des industries concentrées, exhibent une volatilité idiosyncrasique inférieure. Nous partons de l'hypothèse que la concurrence affecte la volatilité dans deux manières distinctes mais corrélées. Le pouvoir de monopole fonctionne comme une instrument de hedging qui lisse les fluctuations idiosyncrasiques. En même temps, un degré élevé de pouvoir de marché implique une incertitude inférieure concernant l'information pour les investisseurs et donc une volatilité de rentabilité inférieure. Nous trouvons le soutien fort des deux effets. Nos résultats contribuent à la compréhension des tendances récentes de volatilité idiosyncrasique, et confirment le lien important entre la performance du marché boursier et les conditions de concurrence des sociétés."
      "en" => "This paper investigates the link between a firm¿s competitive environment and the idiosyncratic volatility of its stock returns. We find that firms enjoying high market power, or established in concentrated industries, have lower idiosyncratic volatility. We posit that competition affects volatility in two distinct and inter-related ways. Market power works as a hedging instrument that smoothes out idiosyncratic fluctuations. At the same time, a high degree of market power implies lower information uncertainty for investors and therefore lower return volatility. We find strong support for both effects. Our results contribute to the understanding of recent trends of idiosyncratic volatility, and confirm the important link between stock market performance and the competitive environment of firms."
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-12-22T14:21:48.000Z"
    "docTitle" => "Idyosincratic Volatility and Product Market Competition"
    "docSurtitle" => "Journal articles"
    "authorNames" => "<a href="/cv/gaspar-jose-miguel">GASPAR José-Miguel</a>, MASSA M."
    "docDescription" => "<span class="document-property-authors">GASPAR José-Miguel, MASSA M.</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2006</span>"
    "keywordList" => ""
    "docPreview" => "<b>Idyosincratic Volatility and Product Market Competition</b><br><span>2006-01 | Journal articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="#" target="_blank">Idyosincratic Volatility and Product Market Competition</a>"
  ]
  +lang: "en"
  +"_type": "_doc"
  +"_score": 8.957939
  +"parent": null
}