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Financial Market Shocks and the Macroeconomy

Subrahmanyam, Avanidhar - 2013

Feedback from stock prices to cash flows occurs because information revealed by firms' stock prices influences the actions of competitors. We explore the implications of feedback within a noisy rational expectations setting with incumbent publicly traded firms and privately held new entrants. In...

Persistent link: https://www.econbiz.de/10012459278

A Theory of Firm Characteristics and Stock Returns : The Role of Investment-Specific Shocks

Kogan, Leonid - 2012

firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … strips. Our model delivers testable predictions about the behavior of firm-level real variables - investment and output …

Persistent link: https://www.econbiz.de/10012460684

Slow Recoveries

Bergoeing, Raphael - 2004

Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a link between aggregate growth and plant dynamics through its effect on productivity: the entry and...

Persistent link: https://www.econbiz.de/10012468109

Slow Recoveries : A Structural Interpretation

Galí, Jordi - 2012

An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and...

Persistent link: https://www.econbiz.de/10012460574

Regulation and Investment

Alesina, Alberto - 2003

product market, concerning in particular entry barriers, are negatively related to investment. The implications of our … analysis are clear: regulatory reforms, especially those that liberalize entry, are very likely to spur investment …

Persistent link: https://www.econbiz.de/10012469140

Misallocation, Economic Growth, and Input-Output Economics

Jones, Charles I. - 2011

One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor...

Persistent link: https://www.econbiz.de/10012461916

Real Business Cycles in Emerging Countries?

García-Cicco, Javier - 2006

We use more than one century of Argentine and Mexican data to estimate the structural parameters of a small-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at explaining business cycles in emerging countries. We then...

Persistent link: https://www.econbiz.de/10012466032

On the Direct and Indirect Real Effects of Credit Supply Shocks

Alfaro, Laura - 2019

downstream propagation effects on investment and output throughout the period, especially during the 2008-2009 global financial …

Persistent link: https://www.econbiz.de/10012479414

Growth Opportunities, Technology Shocks, and Asset Prices

Kogan, Leonid - 2012

We explore the impact of investment-specific technology (IST) shocks on the crosssection of stock returns. IST shocks … asset returns and investment rates …

Persistent link: https://www.econbiz.de/10012460863

The U.S. Left Behind : The Rise of IPO Activity Around the World

Doidge, Craig - 2011

During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO activity, attributed to better institutions and governance, used to be a strength of the U.S., it no longer is. IPO activity in the U.S. has fallen compared to the rest of the world...

Persistent link: https://www.econbiz.de/10012461741

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