In this study, U.S. manufacturing firms' profitability measures including profit margins and returns on equity are … profitability ratios and the valuation multiples of U.S. manufacturing firms are insulated from the effects of monetary policy, and … contractionary policy is significantly correlated with these firms' profitability and price multiples, it has different impacts on …

profitability of banks’ portfolios affect their ability to cover for any liquidity shortage and hence influence the premium they … require to carry maturity risk. During a boom, profitability is increasing and thus spreads are low, while during a recession … profitability is decreasing and spreads are high, in accordance with the cyclical properties of term spreads in the data. Second, we …