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Covid-19 and SME Failures
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2021
We estimate the impact of COVID-19 on business failures for small and medium sized enterprises (SMEs) using firm-level data in seventeen countries. Absent government support, the failure rate of SMEs would have increased by 9.1 percentage points, representing 4.6 percent of private sector...
Persistent link: https://www.econbiz.de/10013244116
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Dynamic Olley-Pakes Productivity Decomposition with Entry and Exit
Melitz, Marc J. - 2014
In this paper, we propose an extension of the productivity decomposition method developed by Olley & Pakes (1996). This extension provides an accounting for the contributions of both firm entry and exit to aggregate productivity changes. It breaks down the contribution of surviving firms into a...
Persistent link: https://www.econbiz.de/10013065931
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A Note on Detecting Learning by Exporting
De Loecker, Jan - 2014
Learning by exporting refers to the mechanism whereby firms improve their performance (productivity) after entering export markets. Although this mechanism is often mentioned in policy documents, a significant share of econometric studies has not found evidence for this hypothesis. This paper...
Persistent link: https://www.econbiz.de/10013068993
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Tax Reform Made Me Do it!
Hanlon, Michelle Lee - 2018
), announcements of new investments, share repurchases, and dividend announcements. We find that 4% of public firms in our sample …
Persistent link: https://www.econbiz.de/10012907455
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Social Networks and Tax Avoidance : Evidence from a Well-Defined Norwegian Tax Shelter
Alstadsæter, Annette - 2018
In 2005, over 8% of Norwegian shareholders transferred their shares to new (legal) tax shelters intended to defer taxation of capital gains and dividends that would otherwise be taxable in the aftermath of 2006 reform. Using detailed administrative data we identify family networks and describe...
Persistent link: https://www.econbiz.de/10012908827
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The Term Structure of Equity Risk Premia
Bansal, Ravi - 2019
We use traded equity dividend strips from U.S., Europe, and Japan from 2004-2017 to study the slope of the term … structure of equity dividend risk premia. In the data, a robust finding is that the term structure of dividend risk premia … and expansion regimes. The unconditional population term structure of dividend-risk premia in the regime-switching model …
Persistent link: https://www.econbiz.de/10012889957
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Learning and Asset-Price Jumps
Bansal, Ravi; Shaliastovich, Ivan - 2021
We develop a general equilibrium model in which income and dividends are smooth, but asset prices are subject to large moves (jumps). A prominent feature of the model is that the optimal decision of investors to learn the unobserved state triggers large asset-price jumps. We show that the...
Persistent link: https://www.econbiz.de/10013221105
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Inflation Illusion and Stock Prices
Campbell, John Y. - 2011
We empirically decompose the S&P 500's dividend yield into (1) a rational forecast of long-run real dividend growth, (2 …) the subjectively expected risk premium, and (3) residual mispricing attributed to the market's forecast of dividend growth …
Persistent link: https://www.econbiz.de/10013133237
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On the Timing and Pricing of Dividends
van Binsbergen, Jules H. - 2010
We recover prices of dividend strips on the aggregate stock market using data from derivatives markets. The price of a … k-year dividend strip is the present value of the dividend paid in k years. The value of the stock market is the sum of … all dividend strip prices across maturities. We study the properties of strips and find that expected returns, Sharpe …
Persistent link: https://www.econbiz.de/10013137025
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Dividends and Profits : Some Unsubtle Foreign Influences
Hines Jr., James R. - 2010
evaluates the effect of foreign earnings on dividend payments by American corporations. The results suggest that the effect may …
Persistent link: https://www.econbiz.de/10013138251