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Financial Knowledge and 401(k) Investment Performance
Clark, Robert L. - 2014
Using a unique new dataset linking administrative data on investment performance and financial knowledge, we examine …
Persistent link: https://www.econbiz.de/10012458527
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Profitability of Momentum Strategies : An Evaluation of Alternative Explanations
Jegadeesh, Narasimhan - 1999
This paper evaluates various explanations for the profitability of momentum strategies documented in Jegadeesh and …
Persistent link: https://www.econbiz.de/10012471628
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Do Analysts Herd? An Analysis of Recommendations and Market Reactions
Jegadeesh, Narasimhan - 2007
This paper develops and implements a new test to investigate whether sell-side analysts herd around the consensus when they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following recommendation revisions are stronger when the new...
Persistent link: https://www.econbiz.de/10012465790
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Index Investment and Financialization of Commodities
Tang, Ke - 2010
This paper finds that, concurrent with the rapid growing index investment in commodities markets since early 2000s …
Persistent link: https://www.econbiz.de/10012462271
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Are Firms in "Boring" Industries Worth Less?
Chen, Jia - 2015
have high industry-level dispersion of profitability have on average higher market-to-book ratios than firms in low … dispersion industries. This positive relation between market-to-book ratios and industry profitability dispersion is economically …
Persistent link: https://www.econbiz.de/10012457786
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Do Intermediaries Matter for Aggregate Asset Prices?
Haddad, Valentin; Muir, Tyler - National Bureau of Economic Research - 2021
Poor financial health of intermediaries coincides with low asset prices and high risk premiums. Is this because intermediaries matter for asset prices, or simply because their health correlates with economy-wide risk aversion? In the first case, return predictability should be more pronounced...
Persistent link: https://www.econbiz.de/10012510570
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The Distribution of Investor Beliefs, Stock Ownership and Stock Returns
Hardouvelis, Gikas A.; Karalas, Georgios; Vayanos, Dimitri - National Bureau of Economic Research - 2021
We study theoretically and empirically the relationship between investor beliefs, ownership dispersion and stock returns. We find that high dispersion, measured by high breadth or low Herfindahl index, forecasts returns positively for large stocks, as in Chen, Hong and Stein (2002), but...
Persistent link: https://www.econbiz.de/10012510575
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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
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Farm Profits, Prices and Household Behavior
LaFave, Daniel R. - 2020
The farm household model, in which decisions about production and consumption are made simultaneously, lies at the heart of many models of development. Empirically modelling these simultaneous choices is not straightforward. The vast majority of empirical studies assume that farm households...
Persistent link: https://www.econbiz.de/10012479160
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Market Power, Economic Profitability and Productivity Growth Measurement : An Integrated Structural Approach
Morrison, Catherine J. - 1990
The purpose of this paper is to treat scale economies, profit-maximizing markups, economic profitability, capacity … run profit potential from markup behavior. As a result, on average economic profits are normal, but declining … profitability is prevalent in most industries since the early 1970s. Also, although cost and revenue shares tend to be approximately …
Persistent link: https://www.econbiz.de/10012475678