Studies on Indian manufacturing have been unable to provide consistent estimates of productivity and its growth rates. This paper performs detailed and exhaustive set of accounting exercises for the period 1970-2003 using production function, index number and envelopment analysis methods. TFP...

Firm Profitability - Does it really matter for shareholder return or ROE (return on equity)? Does this question sound oxymoron and antithetic? Not really. On the contrary, evidence has surfaced that Returns on equity - based on the shareholders' equity accounted in the balance sheet - is not...

This paper concerns the terminal value calculation, represented by {numerator/(r-g)} where r and g define, respectively, the discount factor and the growth rate. Expressions of this kind derive from discounting a geometric series of payoffs, the Gordon-Williams model providing the prototype....

A number of theoretical studies predict an unconditional negative association between firm risk premium and firm disclosure, where additional disclosure reduces estimation risk or information asymmetry. Empirical studies based on these models frequently report mixed results. Dutta and Nezlobin...

We measure ex-ante expectation errors by identifying sporadic versus persistent total asset growth ex-ante. Corporate profitability of high (low) asset-growth firms remains inferior (superior) after temporary asset expansion (contraction), hence ex-ante expectation errors are high. Corporate...

This paper analyzes the combined effect of inflation and taxes on firm value, taking real growth of the firm's investment opportunities into account. Based on a simple model of the firm, our results highlight a hitherto neglected effect of real growth upon firm value. We find real growth,...