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Does firm value move too much to be justified by subsequent changes in cash flow?

Larrain, Borja (contributor); Yogo, Motohiro (contributor) - 2006 - Rev.

Persistent link: https://www.econbiz.de/10003726899

Durability of output and expected stock returns

Gomes, João (contributor); Kogan, Leonid (contributor); … - 2007 - Rev.

"The demand for durable goods is more cyclical than that for nondurable goods and services. Consequently, the cash flow and stock returns of durable-good producers are exposed to higher systematic risk. Using the NIPA input-output tables, we construct portfolios of durable-good, nondurable-good,...

Persistent link: https://www.econbiz.de/10003726989

Does firm value move too much to be justified by subsequent changes in cash flow?

Larrain, Borja; Yogo, Motohiro - 2007

, interest, and net repurchases of equity and debt. When discount rates are low and equity issuance is high, expected cash‐flow growth is low because firms repurchase debt to offset equity … between expected returns and expected cash-flow growth. 1.1 Dividend Yield versus Equity Payout Yield Let P and D denote the … variation in expected returns that is independent of oﬀsetting variation in expected cash-flow growth. 4 Explaining Asset …

Persistent link: https://www.econbiz.de/10003411354

Durability of output and expected stock returns

Gomes, João; Kogan, Leonid; Yogo, Motohiro - 2007

The demand for durable goods is more cyclical than that for nondurable goods and services. Consequently, the cash flow and stock returns of durable-good producers are exposed to higher systematic risk. Using the NIPA input-output tables, we construct portfolios of durable-good, nondurable-good,...

Persistent link: https://www.econbiz.de/10003449724

Does firm value move too much to be justified by subsequent changes in cash flow?

Larrain, Borja (contributor); Yogo, Motohiro (contributor) - 2005

and debt. When discount rates are low and equity issuance is high, expected cash‐flow growth is low because firms … variation in discount rates that is not offset by common variation with expected cashflow growth. -- asset valuation ; excess …

Persistent link: https://www.econbiz.de/10003230361

Durability of Output and Expected Stock Returns

Gomes, Joao F. - 2010

The demand for durable goods is more cyclical than that for nondurable goods and services. Consequently, the cash flows and stock returns of durable-good producers are exposed to higher systematic risk. Using the benchmark input-output accounts of the National Income and Product Accounts, we...

Persistent link: https://www.econbiz.de/10012760299

Durability of Output and Expected Stock Returns

Gomes, Joao F. - 2007

Persistent link: https://www.econbiz.de/10012465670

Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?

Larrain, Borja - 2007

The appropriate measure of cash flow for valuing corporate assets is net payout, which is the sum of dividends, interest, and net repurchases of equity and debt. Variation in net payout yield, the ratio of net payout to asset value, is mostly driven by movements in expected cash flow growth,...

Persistent link: https://www.econbiz.de/10012465809

Aggregate Trading Behavior of Technical Models and the Yen/Dollar Exchange Rate

Schulmeister, Stephan - 2007

The study analyses the interaction between the trading behaviour of 1,024 moving average and momentum models and the fluctuations of the yen/dollar exchange rate. The paper shows first that these models would have exploited exchange rate trends quite profitably between 1976 and 1999, and then...

Persistent link: https://www.econbiz.de/10011435219

Profitability of Technical Currency Speculation. The Case of Yen-Dollar Trading 1976-2007

Schulmeister, Stephan - 2008

The paper investigates the profitability of 1,024 moving average and momentum models and their components in the yen-dollar market. It turns out that all models would have been profitable between 1976 and 2007. The models produce more single losses than single profits. At the same time, the size...

Persistent link: https://www.econbiz.de/10011435249