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Morck, Randall; Yeung, Bernard; Zhang, Lu Y. - National Bureau of Economic Research - 2022

Disequilibrating macro shocks affect different firms' prospects differently, increasing idiosyncratic variation in forward-looking stock returns before affecting economic growth. Consistent with most such shocks from 1947 to 2020 enhancing productivity, increased idiosyncratic stock return...

Persistent link: https://www.econbiz.de/10013210099

Procyclical Stocks Earn Higher Returns

Goetzmann, William N.; Watanabe, Akiko; Watanabe, Masahiro - National Bureau of Economic Research - 2024

We find that procyclical stocks, whose returns comove with business cycles, earn higher average returns than countercyclical stocks. We use almost a three-quarter century of real GDP growth expectations from economists' surveys to determine forecasted economic states. This approach largely...

Persistent link: https://www.econbiz.de/10014544787

The US, Economic News, and the Global Financial Cycle

Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2023

We provide evidence for a causal link between the US economy and the global financial cycle. Using intraday data, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all...

Persistent link: https://www.econbiz.de/10014247914

Whatever-It-Takes Policymaking during the Pandemic

Dominguez, Kathryn M.; Foschi, Andrea - National Bureau of Economic Research - 2024

Central banks across the globe introduced large-scale asset purchase programs to address the unprecedented circumstances experienced during the pandemic. Many of these programs were announced as open-ended to shock-and-awe market participants and restore confidence in financial markets. This...

Persistent link: https://www.econbiz.de/10014486207

(Almost) 200 Years of News-Based Economic Sentiment

Binsbergen, Jules H. van; Bryzgalova, Svetlana; … - National Bureau of Economic Research - 2024

Using text from 200 million pages of 13,000 US local newspapers and machine learning methods, we construct a 170-year-long measure of economic sentiment at the country and state levels, that expands existing measures in both the time series (by more than a century) and the cross-section. Our...

Persistent link: https://www.econbiz.de/10014468226

Q-Monetary Transmission

Jeenas, Priit; Lagos, Ricardo - National Bureau of Economic Research - 2022

We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We … evidence, and quantify the relevance for monetary transmission to aggregate investment …

Persistent link: https://www.econbiz.de/10013210051

Foreign ownership and employment growth in Indonesian manufacturing

Lipsey, Robert E.; Sjöholm, Fredrik; Sun, Jing - 2010

Many developing countries would like to increase the share of modern or formal sectors in their employment. One way to accomplish this goal may be to encourage the entrance of foreign firms. They are typically relatively large, with high productivity and good access to foreign markets, and might...

Persistent link: https://www.econbiz.de/10003954453

Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies?

Garcia-Bernardo, Javier; Janský, Petr; Zucman, Gabriel - National Bureau of Economic Research - 2022

The 2017 Tax Cut and Jobs Act reduced the US corporate tax rate and introduced provisions to curb profit shifting. We combine survey data, tax data, and firm financial statements to study the evolution of the geographical allocation of US firms' profits after the reform. The share of profits...

Persistent link: https://www.econbiz.de/10013210114

Tax Policy and Investment in a Global Economy

Chodorow-Reich, Gabriel; Smith, Matthew; Zidar, Owen M.; … - National Bureau of Economic Research - 2024

We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment … model, we estimate responses, identify parameters, and conduct counterfactuals. Domestic investment of firms with the mean ….S. multinationals rises substantially. These incentives also boost domestic investment, indicating complementarity between domestic and …

Persistent link: https://www.econbiz.de/10014512034

FDI and Superstar Spillovers : Evidence from Firm-to-Firm Transactions

Amiti, Mary; Duprez, Cédric; Konings, Jozef; Van … - National Bureau of Economic Research - 2023

Despite competition concerns over the increasing dominance of global corporations, many argue that productivity spillovers from multinationals to domestic firms justify pro- FDI policies. For the first time, we use firm-to-firm transaction data in a developed country to examine the impact of...

Persistent link: https://www.econbiz.de/10014250146

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