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A Theory of Firm Characteristics and Stock Returns : The Role of Investment-Specific Shocks
Kogan, Leonid - 2012
We provide a theoretical model linking firm characteristics and expected returns. The key ingredient of our model is technological shocks embodied in new capital (IST shocks), which affect the profitability of new investments. Firms' exposure to IST shocks is endogenously determined by the...
Persistent link: https://www.econbiz.de/10013107998
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The Valuation Channel of External Adjustment
Ghironi, Fabio Pietro - 2007
Ongoing international financial integration has greatly increased foreign asset holdings across countries, enhancing … claims to firm profits in a production economy. For a given level of international financial integration (measured by the … goods, and the persistence of shocks. Finally, moving from less to more international financial integration, risk sharing …
Persistent link: https://www.econbiz.de/10012777584
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Gender, Source Country Characteristics and Labor Market Assimilation Among Immigrants : 1980-2000
Blau, Francine D. - 2008
We use 1980, 1990 and 2000 Census data to study the impact of source country characteristics on the labor supply assimilation profiles of married adult immigrant women and men. Women migrating from countries where women have high relative labor force participation rates work substantially more...
Persistent link: https://www.econbiz.de/10012770096
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The Effect of Hospital/Physician Integration on Hospital Choice
Baker, Laurence C. - 2015
In this paper, we estimate how hospital ownership of physicians' practices affects their patients' hospital choices. We match data on the hospital admissions of Medicare beneficiaries, including the identity of their admitting physician, with data on the identity of the owner of the admitting...
Persistent link: https://www.econbiz.de/10013016664
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Why are Saving Rates so High in China?
Yang, Dennis Tao - 2011
In this paper, we define "The Chinese Saving Puzzle" as the persistently high national saving rate at 34-53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000-2008. Using data from the Flow of Funds Accounts (FFA)...
Persistent link: https://www.econbiz.de/10013130270
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Transaction Cost Regulation
Spiller, Pablo T. - 2011
This paper discusses the fundamental underpinnings and some implications of transaction cost regulation (TCR), a framework to analyze the interaction between governments and investors fundamentally, but not exclusively, in utility industries. TCR sees regulation as the governance structure of...
Persistent link: https://www.econbiz.de/10013130971
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Theories of Heterogeneous Firms and Trade
Redding, Stephen J. - 2010
This paper reviews the recent theoretical literature on heterogeneous firms and trade, which emphasizes firm selection into international markets and reallocations of resources across firms. We discuss the empirical challenges that motivated this research and its relationship to traditional...
Persistent link: https://www.econbiz.de/10013135411
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To Join or Not to Join? Factors Influencing Employee Share Plan Membership in a Multinational Corporation
Bryson, Alex - 2010
Many firms encourage employees to own company stock through share plans that subsidize the price at favorable rates, but even so many employees do not buy shares. Using a new survey of employees in a multinational with a share ownership plan, we find considerable variation in joining among...
Persistent link: https://www.econbiz.de/10013139127
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Are Consumers Affected by Durable Goods Makers' Financial Distress? The Case of Auto Manufacturers
Hortacsu, Ali - 2010
The financial decisions of durable goods makers can impose spillovers on their consumers. Namely, durable goods provide a consumption stream that frequently depends on services provided by the manufacturer (e.g., warranties, parts, and maintenance). Manufacturer bankruptcy, or even the...
Persistent link: https://www.econbiz.de/10013140995
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Heterogeneous Firms and Trade
Melitz, Marc J. - 2012
This paper reviews the new approach to international trade based on firm heterogeneity in differentiated product markets. This approach explains a variety of features exhibited in disaggregated trade data, including the higher productivity of exporters relative to non-exporters, within-industry...
Persistent link: https://www.econbiz.de/10013096126