“…Sullivan [1978] documents that beta is negatively related to firm size (output) and concentration in the firm's product market. Similar results are reported by Thomadakis [1976], Melicher, Rush and Winn [1976], Booth [1981], Curley, Hexter and Choi [1982], Sullivan [1982], Van Herck [1982], Moyer and Chatfield [1983], Chen, Cheng and Hite [1986], Bernier [1987], Wallace, Watson and Yandle [1988] and Lee, Liaw and Rahman [1990]. Subsequently, Subrahmanyam and Thomadakis [1980] theoretically linked beta to market power.…”