Narrow search
Showing 1 - 10 of 72
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Dividends and Bank Capital in the Financial Crisis of 2007-2009
Acharya, Viral V. - 2011
was exacerbated by large scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments …
Persistent link: https://www.econbiz.de/10013128263
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Predictive Regressions : A Present-Value Approach
van Binsbergen, Jules H. - 2010
dividend growth rates of the aggregate stock market. This approach aggregates information contained in the history of price-dividend … ratios and dividend growth rates to predict future returns and dividend growth rates. We find that returns and dividend … growth rates are predictable with R-squared values ranging from 8.2% to 8.9% for returns and 13.9% to 31.6% for dividend …
Persistent link: https://www.econbiz.de/10013139284
Cover Image
A Litner Model of Payout and Managerial Rents
Lambrecht, Bart M. - 2010
We develop a dynamic agency model where payout, investment and financing decisions are made by managers who attempt to maximize the rents they take from the firm, subject to a capital market constraint. Managers smooth payout in order to smooth their flow of rents. Total payout (dividends plus...
Persistent link: https://www.econbiz.de/10013139901
Cover Image
Taxation and Corporate Payout Policy
Poterba, James M. - 2012
dividend income and that on accruing capital gains. It describes the construction of weighted average marginal tax rate series … impact of this change on payout depends on the elasticity of dividend payments with respect to the after-tax value of … dividend income relative to capital gains. Time series estimates suggest an elasticity of more than three, and imply that the …
Persistent link: https://www.econbiz.de/10013115697