Narrow search
Showing 1 - 10 of 10,176
Cover Image
Capital to Labor Growth Ratio and the Cross-Section of Stock Returns
Shim, Kyung Hwan - 2016
in growth ratio. We interpret the findings as outcomes reflecting displacements on the production isoquant, and show the …
Persistent link: https://www.econbiz.de/10013007648
Cover Image
The Timing of Investment and Stock Returns
Galpin, Neal - 2012
In a neoclassical investment model, returns and investment are linked. We show that the timing of investment and returns are also linked. Conditional on total investment, firms investing earlier in the year have lower returns than firms investing later in the year. We show empirical evidence...
Persistent link: https://www.econbiz.de/10013113478
Cover Image
The Substitutability of Labor : Implications for the Cross-Section of Stock Returns
Shim, Kyung Hwan - 2016
-sectional variation in this ratio. We interpret the findings as outcomes reflecting displacements on the production isoquant, and show an …
Persistent link: https://www.econbiz.de/10013006584
Cover Image
Contraction Options : Implications for the Profitability-Return Relation and Momentum Profits
Shim, Kyung Hwan - 2015
proxy for time-varying systematic risk. Relative to riskier assets, the proportionate value of contraction options increase … losers with diverging operating profitability. Corroborating a risk-based explanation, the momentum results remain … unexplained by, among other things, empirical measures for information diffusion, information uncertainty, credit risk and …
Persistent link: https://www.econbiz.de/10013026825
Cover Image
A corporate financing-based asset pricing model
Steri, Roberto - 2018
I show that an asset pricing model for the equity claims of a value-maximizing firm can be constructed from its optimal financial contracting behavior. I study a dynamic contracting model in which firms trade off the costs and benefits of a given promise to pay external lenders in a specific...
Persistent link: https://www.econbiz.de/10011900221
Cover Image
Inflexibility and Stock Returns
Gu, Lifeng - 2019
Investment-based asset pricing research highlights the role of irreversibility as a determinant of firms' risk and … flexibility (i.e., contraction and expansion options) is to determine the relation between risk and operating leverage: risk … these characteristics in stock returns and risk …
Persistent link: https://www.econbiz.de/10012901117
Cover Image
Understanding the Sources of Risk Underlying the Cross-Section of Commodity Returns
Bakshi, Gurdip - 2017
We show that a model featuring an average commodity factor, a carry factor, and a momentum factor is capable of describing the cross-sectional variation of commodity returns. More parsimonious one- and two-factor models that feature only the average and/or carry factors are rejected. To provide...
Persistent link: https://www.econbiz.de/10012971927
Cover Image
Inventory Productivity and Stock Returns in Manufacturing Networks
Agrawal, Deepak; Osadchiy, Nikolay - 2022
We provide a novel, supply network-based perspective on inventory productivity and incentives for its improvement. Using data from 2003 to 2019, we find that inventory productivity reduces materially and statistically significantly for firms located upstream in the supply network, and increases...
Persistent link: https://www.econbiz.de/10013404248
Cover Image
Inventory productivity and stock returns in manufacturing networks
Agrawal, Deepak; Osadchiy, Nikolay - In: Manufacturing & service operations management : M & SOM 26 (2024) 2, pp. 573-593
Persistent link: https://www.econbiz.de/10014533638
Cover Image
Intangibles, can they explain the dispersion in return rates?
Görzig, Bernd; Gornig, Martin - 2010
It is argued that the observed return rates on capital at firm-level have an upward bias if firms are producing with unobserved intangible capital. Using EUKLEED, a comprehensive firm level data base for Germany, this theoretical preposition is proved empirically. Furthermore, making unobserved...
Persistent link: https://www.econbiz.de/10003974686