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dc.contributor.authorHachemi Aliouche, E.
dc.contributor.authorBianchi, Robert
dc.contributor.authorDrew, Michael
dc.contributor.editorSerhiy Kozmenko
dc.date.accessioned2018-10-30T06:45:10Z
dc.date.available2018-10-30T06:45:10Z
dc.date.issued2014
dc.identifier.issn18104967en_US
dc.identifier.urihttp://hdl.handle.net/10072/63483
dc.description.abstractThe franchise business model is distinct in the way it seeks to lower agency costs when compared to a 'traditional' corporation. This study seeks to ascertain whether the potential benefits of reduced agency costs can be captured in the returns of a portfolio of franchisor stocks. Using a purpose-built portfolio of companies employing 'business format franchising' as their core strategy over the past two decades, we find that the sources of systematic risk for our portfolio of franchisor stocks include market beta, size and the value premia. We find historical evidence that franchisor stocks have significantly outperformed the market in the past, however, these excess returns seem to be slowly declining in recent times. We show that franchisor stocks outperform the broader market in both expansionary and contractionary phases of the U.S. business cycle and they are more sensitive to changes in monetary conditions than the wider market, reflecting their size and value characteristics.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_US
dc.languageEnglishen_US
dc.publisherBusiness Perspectivesen_US
dc.publisher.placeUkraineen_US
dc.publisher.urihttps://businessperspectives.org/journals/investment-management-and-financial-innovations/issue-1-cont-9/the-behavior-of-franchisor-stocksen_US
dc.relation.ispartofstudentpublicationNen_US
dc.relation.ispartofpagefrom8en_US
dc.relation.ispartofpageto18en_US
dc.relation.ispartofissue1en_US
dc.relation.ispartofjournalInvestment Management and Financial Innovationsen_US
dc.relation.ispartofvolume11en_US
dc.rights.retentionNen_US
dc.subject.fieldofresearchFinanceen_US
dc.subject.fieldofresearchcode150201en_US
dc.titleThe Behavior of Franchisor Stocksen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
dc.description.versionPublisheden_US
gro.rights.copyright© The author(s) 2014. This publication is an open access article. This is a published version of the paper, available at LLC "CPC "Business Perspectives" at https://businessperspectives.org/journals/investment-management-and-financial-innovations/issue-1-cont-9/the-behavior-of-franchisor-stocks.en_US
gro.hasfulltextFull Text
gro.griffith.authorBianchi, Robert
gro.griffith.authorDrew, Michael E.


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