CHAPTER 13 QUESTION 1

 FINANCE  Investment Analysis and Portfolio Management CHAPTER 13 QUESTION 1
 Briefly   describe   the   results   of   studies   that   examined   the   performance   of   alternative   industries   during   specific   time   periods   and   discuss   their   implications   for   industry   analysis.  
 The results of empirical studies conclude that there are substantial differences in absolute or   relative   performance   among   industries   during   any   given   time   period.   In   addition,   industry   performance differences are found in alternative time periods where the time periods may vary   in length. Therefore, the investor must examine alternative industries after he has forecasted   market   movements   because   of   the   wide   dispersion   of   industry   performance   around   the   expected market performance.  

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