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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

Self-Selection into Credit Markets : Evidence from Agriculture in Mali

Beaman, Lori A. - 2014

We examine whether returns to capital are higher for farmers who borrow than for those who do not, a direct implication of many credit market models. We measure the difference in returns through a two-stage loan and grant experiment. We find large positive investment responses and returns to...

Persistent link: https://www.econbiz.de/10013048579

Changing Times, Changing Values : A Historical Analysis of Sectors within the Us Stock Market 1872-2013

Bunn, Oliver - 2014

We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...

Persistent link: https://www.econbiz.de/10013049370

Forecasting Profitability

Rosenzweig, Mark R. - 2013

areas of India, and that farmers respond more strongly to the forecast where there is more forecast skill and not at all … when there is no skill. We show, using an IV strategy in which the Indian government forecast of monsoon rainfall serves as … estimated. Using the full rainfall distribution and our profit function estimates, we find that Indian farmers on average under …

Persistent link: https://www.econbiz.de/10013077650

Measuring the Economic Effect of Global Warming on Viticulture Using Auction, Retail, and Wholesale Prices

Ashenfelter, Orley - 2010

In this paper we measure the effect of year to year changes in the weather on wine prices and winery revenue in the Mosel Valley in Germany in order to determine the effect that climate change is likely to have on the income of wine growers. A novel aspect of our analysis is that we compare the...

Persistent link: https://www.econbiz.de/10013142934

Investment Responses to Trade Liberalization : Evidence from U.S. Industries and Plants

Pierce, Justin R. - 2017

This paper examines the effect of a change in U.S. trade policy on the domestic investment of U.S. manufacturers. Using a difference-in-differences identification strategy, we find that industries more exposed to reductions in import tariff uncertainty exhibit relative declines in investment...

Persistent link: https://www.econbiz.de/10012941175

From Good to Bad Concentration? U.S. Industries Over the Past 30 Years

Covarrubias, Matias - 2019

We study the evolution of profits, investment and market shares in US industries over the past 40 years. During the 1990's, and at low levels of initial concentration, we find evidence of efficient concentration driven by tougher price competition, intangible investment, and increasing...

Persistent link: https://www.econbiz.de/10012867646

Firm-Level Investment in France and the United States : An Exploration of What We Have Learned in Twenty Years

Mairesse, Jacques; Hall, Bronwyn H.; Mulkay, Benoit - 2021

meaningful. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error …

Persistent link: https://www.econbiz.de/10013230971

Returns on FDI : Does the U.S. Really Do Better?

Bosworth, Barry - 2007

According to the U.S. external accounts, U.S. investors earn a significantly higher rate of return on their foreign investments than foreigners earn in the United States. This continued strong performance has produced a positive net investment income balance despite the deterioration in the U.S....

Persistent link: https://www.econbiz.de/10012776206

Understanding U.S. Corporate Tax Losses

Altshuler, Rosanne - 2010

Recent data present a puzzle: the ratio of corporate tax losses to positive income was much higher around 2001 than in earlier recessions. Using a comprehensive 1982-2005 sample of U.S. corporation tax returns, we explore a variety of potential explanations for this surge in tax losses, taking...

Persistent link: https://www.econbiz.de/10012758277

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