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Changing Times, Changing Values : A Historical Analysis of Sectors within the US Stock Market 1872-2013
Bunn, Oliver D. - 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/10012458297
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Self-Selection into Credit Markets : Evidence from Agriculture in Mali
Beaman, Lori - 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/10012458279
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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/10012460684
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Measuring the Economic Effect of Global Warming on Viticulture Using Auction, Retail, and Wholesale Prices
Ashenfelter, Orley C. - 2010
Although auction prices are based on actual transactions, they provide a thick market only for high quality, expensive wines and may overestimate climate's effect on farmer revenues. Wholesale prices, on the other hand, do provide broad coverage of all wines sold and probably come closest to...
Persistent link: https://www.econbiz.de/10012462615
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Forecasting Profitability
Rosenzweig, Mark - 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/10012459327
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Lessons from U.S.-China Trade Relations
Caliendo, Lorenzo; Parro, Fernando - National Bureau of Economic Research - 2022
We review theoretical and empirical work on the economic effects of the United States and China trade relations during the last decades. We first discuss the origins of the China shock, its measurement, and present methods used to study its economic effects on different outcomes. We then focus...
Persistent link: https://www.econbiz.de/10013361989
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Firm-Level Investment in France and the United States : An Exploration of What We Have Learned in Twenty Years
Mairesse, Jacques - 1999
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/10012471345
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Myopic Loss Aversion and Investment Decisions : from the Laboratory to the Field
Iqbal, Kazi; Islam, Asad; List, John A.; Nguyen, Vy - National Bureau of Economic Research - 2021
Whether, and to what extent, behavioral anomalies uncovered in the lab manifest themselves in the field remains of first order importance in finance and economics. We begin by examining behavior of retail traders/investors making investment decisions in constructed laboratory markets. Our...
Persistent link: https://www.econbiz.de/10012510609
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Does Political Partisanship Cross Borders? Evidence from International Capital Flows
Kempf, Elisabeth; Luo, Mancy; Schäfer, Larissa; … - National Bureau of Economic Research - 2021
Does partisan perception shape the flow of international capital? We provide evidence from two settings, syndicated corporate loans and equity mutual funds, to show that ideological alignment with foreign governments affects the cross-border capital allocation by U.S. institutional investors....
Persistent link: https://www.econbiz.de/10012629500
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Monetary-Based Asset Pricing : A Mixed-Frequency Structural Approach
Bianchi, Francesco; Ludvigson, Sydney C.; Ma, Sai - National Bureau of Economic Research - 2022
We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why markets react to central bank communications. We find that...
Persistent link: https://www.econbiz.de/10013210100