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.