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The Relation of Stock Prices to Corporate Earnings Adjusted for Inflation
Cagan, Phillip - 2004
The effects of inflation adjustments of corporate earnings on market prices were tested by cross section regressions of … negligible. The implication of the results is that market investors use a range of adjustments for the effects of inflation which … the later period 1972-76 than in the earlier period 1966-71. This seemed inconsistent with the higher inflation rates in …
Persistent link: https://www.econbiz.de/10012786237
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Bubbly Liquidity
Farhi, Emmanuel - 2011
This paper analyzes the possibility and the consequences of rational bubbles in a dy- namic economy where financially constrained firms demand and supply liquidity. Bub- bles are more likely to emerge, the scarcer the supply of outside liquidity and the more limited the pledgeability of...
Persistent link: https://www.econbiz.de/10013130781
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Retail Trade by Federal Reserve District, 1919 to 1939 : A Statistical History
Anderson, Haelim - 2010
Soon after beginning operations, the Federal Reserve established a nationwide network for collecting information about the economy. In 1919, the Fed began tabulating data by about retail sales, which it viewed as a fundamental measure of consumption. From 1920 until 1929, the Federal Reserve...
Persistent link: https://www.econbiz.de/10013135054
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The Predictive Power of the Yield Curve Across Countries and Time
Chinn, Menzie David - 2010
In recent years, there has been renewed interest in the yield curve (or alternatively, the term premium) as a predictor of future economic activity. In this paper, we re-examine the evidence for this predictor, both for the United States, as well as European countries. We examine the sensitivity...
Persistent link: https://www.econbiz.de/10013137763
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Dividends and Profits : Some Unsubtle Foreign Influences
Hines Jr., James R. - 2010
American corporations earn a large and growing share of their profits from their foreign operations. This paper evaluates the effect of foreign earnings on dividend payments by American corporations. The results suggest that the effect may be rather dramatic: that, all other things equal, U.S....
Persistent link: https://www.econbiz.de/10013138251
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Hard Times
Campbell, John Y. - 2010
This paper shows that the stock market downturns of 2000-2002 and 2007-09 have very different proximate causes. The early 2000's saw a large increase in the discount rates applied to corporate profits by rational investors, while the late 2000's saw a decrease in rational expectations of future...
Persistent link: https://www.econbiz.de/10013139890
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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2011
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...
Persistent link: https://www.econbiz.de/10013117203
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The Cyclical Response of Advertising Refutes Counter-Cyclical Profit Margins in Favor of Product-Market Frictions
Hall, Robert E. - 2012
According to the standard model, advertising is remarkably sensitive to profit margins. Firms advertise to stimulate … macroeconomics, variations in profit margins over the business cycle have a key role. A widening of margins can explain the rise in …-and-matching map a decline in wages to higher unemployment. But a rise in profit margins should expand advertising by a lot. Really a …
Persistent link: https://www.econbiz.de/10013100979
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The Labor Market Returns to a For-Profit College Education
Cellini, Stephanie Riegg - 2012
A lengthy literature estimating the returns to education has largely ignored the for-profit sector. In this paper, we … estimate the earnings gains to for-profit college attendance using restricted-access data from the 1997 National Longitudinal …-invariant unobservable characteristics of students, we find that students who enroll in associate's degree programs in for-profit colleges …
Persistent link: https://www.econbiz.de/10013101505
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Does it Matter If Your Health Insurer is For-Profit? Effects of Ownership on Premiums, Insurance Coverage, and Medical Spending
Dafny, Leemore S. - 2012
The majority of private health insurance in the U.S. is administered or issued by for-profit insurers, but little is … known about how for-profit status affects outcomes. We find that plausibly exogenous increases in local for-profit market … results suggest that the welfare effects of subsidies for new not-for-profit insurers, such as those in the Affordable Care …
Persistent link: https://www.econbiz.de/10013102795