TY - JOUR T1 - Intra-Industry Uncertainty and Firm Valuation JF - The Journal of Investing DO - 10.3905/joi.2019.1.091 SP - joi.2019.1.091 AU - Wei Du AU - Haizhi Wang AU - Jianrong Wang Y1 - 2019/05/11 UR - https://pm-research.com/content/early/2019/05/11/joi.2019.1.091.abstract N2 - 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 ER -