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Judging Banks' Risk by the Profits They Report

Meiselman, Ben S.; Nagel, Stefan; Purnanandam, Amiyatosh - National Bureau of Economic Research - 2023

In competitive capital markets, risky debt claims that offer high yields in good times have high systematic risk exposure in bad times. We apply this idea to bank risk measurement. We find that banks with high accounting return on equity (ROE) prior to a crisis have higher systematic tail risk...

Persistent link: https://www.econbiz.de/10014337867

Globalization and Profitability of US Firms : The Role of Intangibles

Chintha, Bullipe R.; Jagannathan, Ravi; Sridhar, Sri S. - National Bureau of Economic Research - 2024

domestic markets and foreign opportunities for US firms. In the aggregate, the average annual profitability of US public firms …-2002) profitability. This increase in overall aggregate profitability was primarily driven by foreign profitability increasing by 47 … contrast, following globalization, the average aggregate domestic profitability of US firms remained flat, and firms employed …

Persistent link: https://www.econbiz.de/10014512056

From Carry Trades to Trade Credit : Financial Intermediation by Non-Financial Corporations

Hardy, Bryan; Saffie, Felipe - National Bureau of Economic Research - 2023

We use unique firm-level data from Mexico to document that non-financial corporations engage in carry trades by borrowing in foreign currency (FX) and lending in domestic currency, largely in the form of trade credit, accumulating currency risk in the process. We show at a quarterly frequency...

Persistent link: https://www.econbiz.de/10014250200

The Secular Decline in Private Firm Leverage

Dobridge, Christine L.; Gilje, Erik P.; Whitten, Andrew - National Bureau of Economic Research - 2022

Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell fifteen percent between 2004 and 2018. In contrast,...

Persistent link: https://www.econbiz.de/10013210062

Project Development with Delegated Bargaining : The Role of Elevated Hurdle Rates

Barry, John W.; Carlin, Bruce Ian; Crane, Alan D.; … - National Bureau of Economic Research - 2024

During project development, costs are endogenously determined through delegated bargaining with counterparties. In surveys, nearly 80% of CFOs report using an elevated hurdle rate, the implications of which we explore in a delegated bargaining model. We show that elevated hurdle rates can convey...

Persistent link: https://www.econbiz.de/10014512137

How Do U.S. Firms Withstand Foreign Industrial Policies?

Cen, Xiao; Fos, Vyacheslav; Jiang, Wei - National Bureau of Economic Research - 2024

China's industrial policies ("Five-Year Plans") displace U.S. production/employment and heighten plant closures in the same industries as those targeted by the policies in China. The impact was not anticipated by the stock market, but U.S. companies in the "treated industries" suffer a valuation...

Persistent link: https://www.econbiz.de/10014544690

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...

Persistent link: https://www.econbiz.de/10014250143

Corporate Discount Rates

Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2023

Standard theory implies that the discount rates used by firms in investment decisions (i.e., their required returns to capital) determine investment and transmit financial shocks to the real economy. However, there exists little evidence on how firms' discount rates change over time and affect...

Persistent link: https://www.econbiz.de/10014322717

Labor Dynamics and Supply Chain Disruption in Food Manufacturing

Ramsey, A. Ford; Goodwin, Barry K.; Haley, Mildred A. - National Bureau of Economic Research - 2021

Food manufacturing and processing is an important link between agricultural producers and consumers in the agricultural supply chain. The food manufacturing sector in the United States is both increasingly mechanized and increasingly concentrated. Consequently, labor risks in food manufacturing...

Persistent link: https://www.econbiz.de/10012585380

The Effect of the Minimum Wage on the Fast Food Industry

Katz, Lawrence F. - 1992

Using data from a longitudinal survey of fast food restaurants in Texas, the authors examine the impact of recent changes in the federal minimum wage on a low-wage labor market The authors draw four main conclusions. First, the survey results indicate that less than 5 percent of fast food...

Persistent link: https://www.econbiz.de/10012474983

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