Grossman, Gene M; Levinsohn, James A - In: American Economic Review 79 (1989) 5, pp. 1065-87
The authors measure the responsiveness of returns to capital invested in six U.S. industries to shocks to the prices of competing import goods. Unanticipated, positive shocks to import prices cause higher than normal stock-market returns in all six industries. The magnitudes of these responses...