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Changing Times, Changing Values : A Historical Analysis of Sectors within the US Stock Market 1872-2013
Bunn, Oliver D. - 2014
We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...
Persistent link: https://www.econbiz.de/10012458297
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The Real Exchange Rate, Exports, and Manufacturing Profits : A Theoreti- cal Framework With Some Empirical Support
Clarida, Richard H. - 1991
This paper investigates the relationship between manufacturing profits, exports, and the real exchange rate. Using Harston's (1990) model of pricing-to-market, we derive a co-integrated log-linear profits equation that restricts the long-run relationship among real U.S. manufacturing profits,...
Persistent link: https://www.econbiz.de/10012475185
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Fiscal Policy, Profits, and Investment
Alesina, Alberto - 1999
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its...
Persistent link: https://www.econbiz.de/10012471581
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Risk and Return : A New Look
Malkiel, Burton G. - 1981
One of the best documented propositions in the field of finance is that, on average, investors have received higher rates of return on in- vestment securities for bearing greater risk. This paper looks at the historical evidence regarding risk and return, explains the fundamentals of portfolio...
Persistent link: https://www.econbiz.de/10012478418
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Pandemics, Vaccines and Corporate Earnings
Hong, Harrison - 2020
We estimate a model of damage to corporate earnings from COVID-19. An unexpected pandemic lowers current earnings due to costly mitigation and reduces growth rates. Damage depends on the expected arrival of a vaccine that reverts earnings to normal. Using this model, we infer from analysts'...
Persistent link: https://www.econbiz.de/10012481132
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The Effect of the Payroll Tax on Earnings : A Test of Competing Models of Wage Determination
Lang, Kevin - 2003
Under the standard competitive model, a tax change affecting workers with highly inelastic labor supply, will lower earnings by the entire nominal employer share of the tax increase. If wages play a motivational role but the market still clears, the range of possible outcomes is broader but...
Persistent link: https://www.econbiz.de/10012469163
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Nonprofit Production and Competition
Lakdawalla, Darius - 1998
profit-deviating preferences from the state-defined regulatory status of nonprofit production. We argue that this separation … is crucial in providing predictions about the underlying forces which allow the coexistence of nonprofit and for-profit … separating choice of nonprofit status from profit-deviating preferences, the paper provides predictions about the forces which …
Persistent link: https://www.econbiz.de/10012472441
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Wages, Profits and Rent-Sharing
Blanchflower, David G. - 1992
competitive labor market model. The paper estimates the unemployment elasticity of pay at approximately -0.03, and the profit …
Persistent link: https://www.econbiz.de/10012474741
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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 …
Persistent link: https://www.econbiz.de/10012475678
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Accounting for Business Income in Measuring Top Income Shares : Integrated Accrual Approach Using Individual and Firm Data from Norway
Alstadsæter, Annette - 2016
Business income is important in the upper tail of the personal income distribution, but the extent to which it is captured by measures of personal income varies substantially across tax regimes. Using linked individual and firm data from Norway, we are able to attribute business income to...
Persistent link: https://www.econbiz.de/10012455792