We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market …-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is … returns. Firm profitability has become more volatile recently, helping explain the puzzling increase in average idiosyncratic …

other aspects of firm behaviour. In this paper we consider the impact of minimum wages on firm profitability by exploiting … firm profitability was significantly reduced (and wages significantly raised) by the minimum wage introduction. This … residential care homes, and a second on firms across all sectors). Interestingly, we find no evidence that the profitability …

effects upon profitability. We test for weak instruments and check sub-sample robustness. Our findings seem to lend support to …

In this paper, we study the link between profitability, fiscal policy and exchange rate regimes. We are particularly … the different types of government spending and taxation affect profitability through two main channels, namely changes in … different components of fiscal policy have different effects on profitability depending on the exchange rate regime. Using a …

This Paper examines the effect of price competition on innovation, market structure and profitability in R … counts and profitability over 1952-77. The econometric results suggest that the introduction of restrictive practices …&D-intensive manufacturing industries, while it caused a significant rise in concentration in these industries. In the short run profitability …

distance may have a non-monotonous effect on the likelihood of horizontal investments, and (iii) that globalization, if …