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Long-Range Forecasts As Climate Adaptation : Experimental Evidence From Developing-Country Agriculture
Burlig, Fiona; Jina, Amir; Kelley, Erin M.; Lane, Gregory V. - National Bureau of Economic Research - 2024
Climate change increases weather variability, exacerbating agricultural risk in poor countries. Risk-averse farmers are …
Persistent link: https://www.econbiz.de/10014486264
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Information versus Investment
Terry, Stephen; Whited, Toni Marion; Zakolyukina, … - National Bureau of Economic Research - 2022
We quantify the real implications of trade-offs between firm information disclosure and long-term investment efficiency. We estimate a dynamic equilibrium model in which firm managers confront realistic incentives to misreport earnings and distort their real investment choices. The model implies...
Persistent link: https://www.econbiz.de/10012814411
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A Theory of Debt Maturity : The Long and Short of Debt Overhang
Diamond, Douglas W. - 2012
correlation between the value of assets-in-place and profitability of investment increases the overhang of shorter-term debt …
Persistent link: https://www.econbiz.de/10012460501
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Temperature and Local Industry Concentration
Ponticelli, Jacopo; Xu, Qiping; Zeume, Stefan - National Bureau of Economic Research - 2023
We use plant-level data from the US Census of Manufacturers to study the short and long run effects of temperature on manufacturing activity. We document that temperature shocks significantly increase energy costs and lower the productivity of small manufacturing plants, while large plants are...
Persistent link: https://www.econbiz.de/10014337767
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Franchise Value, Tobin's Q, and Markups
Chiu, Wan-Chien; Jagannathan, Ravi; Tseng, Kevin - National Bureau of Economic Research - 2023
We decompose the difference between a firm's market value and book value into two components: reproducible intangible assets that can be created by competing firms through SG&A/R&D expenditures, and the residual denoted as franchise value which includes the value of transient-rents from...
Persistent link: https://www.econbiz.de/10013537723
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News Diffusion in Social Networks and Stock Market Reactions
Hirshleifer, David; Peng, Lin; Wang, Qiguang - National Bureau of Economic Research - 2023
We study how the social transmission of public news influences investors' beliefs and securities markets. Using an extensive dataset to measure investor social networks, we find that earnings announcements from firms in higher-centrality locations generate stronger immediate price and trading...
Persistent link: https://www.econbiz.de/10013537754
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Are Cryptos Different? Evidence from Retail Trading
Kogan, Shimon; Makarov, Igor; Niessner, Marina; Schoar, … - National Bureau of Economic Research - 2023
Trading in cryptocurrencies has grown rapidly over the last decade, primarily dominated by retail investors. Using a dataset of 200,000 retail traders from eToro, we show that they have a different model of the underlying price dynamics in cryptocurrencies relative to other assets. Retail...
Persistent link: https://www.econbiz.de/10014322705
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American Disclosure Options
Back, Kerry E.; Carlin, Bruce Ian; Kazempour, Seyed Mohammad - National Bureau of Economic Research - 2023
We study strategic disclosure timing by correlated firms in the presence of risk-averse investors. Firms delay disclosures in the hope that positively correlated firms will announce especially good news and lift their own price. Risk premia rise before disclosures, drop when disclosures occur,...
Persistent link: https://www.econbiz.de/10014447256
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Cross-Border Acquisitions and Target Firms' Performance : Evidence From Japanese Firm-Level Data
Fukao, Kyoji - 2006
Moreover, we find that there is no positive impact on target firms' profitability in the case of both within-group in …-in acquisitions, parent firms may be trying to quickly restructure acquired firms even at the cost of deteriorating profitability … acquisition target based on its productivity level, profitability and other characteristics and whether the performance of …
Persistent link: https://www.econbiz.de/10012466243
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Government Guarantees and the Valuation of American Banks
Atkeson, Andrew G. - 2018
bank franchise value or profitability. In this paper we argue that banks' market-to-book ratio is the sum of two components …
Persistent link: https://www.econbiz.de/10012453014