Appendix C. Additional Data on the Companies

Table C.1. Number of Companies and Average Returns: Industries With and Without Winning and Losing Firms

Industries with Big Winners or Big Losers

Number of Companies

Five-Year Average Return

Industries without Big Winners or Big Losers

Number of Companies

Five-Year Average Return

Aerospace: WINNING firms 2, LOSING firms 2

12

10.7

Advanced industrial equipment

12

14.8

Airlines: WINNING firms 2, LOSING firms 2

6

10.9

Advanced medical devices

9

24.6

Auto and parts: WINNING firms 2, LOSING firms 3

13

4.7

Advertising

7

25.1

Banks: WINNING firms 1, LOSING firms 3

60

14.1

Air freight

3

28.3

Biotech: WINNING firms 1, LOSING firms 2

38

77.1

Building material

6

11.5

Broadcasting: LOSING firms 1

18

32.3

Chemical commodities

3

2

Casinos: WINNING firms ...

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