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Earnings Dispersion and Aggregate Stock Returns

Jorgensen, Bjorn N.; Li, Jing; Sadka, Gil - 2009

While aggregate earnings should affect aggregate stock returns, standard portfolio theory predicts that the cross-sectional dispersion in firm-level earnings would not affect aggregate stock returns. Nonetheless, this paper demonstrates a surprisingly robust relation between cross-sectional...

Persistent link: https://www.econbiz.de/10009440958

Capacity Constraints, Profit Margins and Stock Returns

Jorgensen, Bjorn N.; Sadka, Gil; Li, Jing - 2009

This paper studies the effects of capacity utilization on accounting profit margins and stock returns. Since accounting profit margins represent the average profit per unit and not the economists' concept of unit contribution margin, the marginal/variable profit per unit, a firm with idle...

Persistent link: https://www.econbiz.de/10009441203

ZUM DESINVESTITIONSVERHALTEN LANDWIRTSCHAFTLICHER UNTERNEHMER: ERGEBNISSE EINER EXPERIMENTELLEN UNTERSUCHUNG

Maart, Syster Christin; Musshoff, Oliver; Odening, Martin; … - 2010

Bedeutungzu. In diesem Beitrag wird untersucht, inwiefern das klassische Kapitalwertkriteriumund der Realoptionsansatz einen … Investitionstheorieund gemäß dem Realoptionsansatz bestimmt wurden. Bei der Bestimmung der normativenBenchmarks wird die individuelle … Risikoeinstellung der Teilnehmer berücksichtigt. DieErgebnisse zeigen, dass der Realoptionsansatz besser als das Kapitalwertkriterium …

Persistent link: https://www.econbiz.de/10009442716

Fundamental Patent Reform and the Private Returns to R&D - The Case of Indian Pharmaceuticals

Chatterjee, Chirantan - 2007

How do private returns to inventive activity change when IPR regimes are substantially strengthened? Our paper investigates this question by looking at the impact of patent reforms in India on India-based pharmaceutical companies. In a fundamental policy shift, India agreed to introduce product...

Persistent link: https://www.econbiz.de/10009441232

Knowledge and Innovation Focus: A Classification of US and Canadian Firms

Joyce, Teresa; Stivers, Bonnie P. - 1999

This article examines business practices focused on knowledge and innovation and the relationship of these business practices with other key organisational variables in Canadian and US firms. The article is based on a 1996 study of 103 Fortune 500 and 151 Post 300 firms. The study was sponsored...

Persistent link: https://www.econbiz.de/10009459105

The Value Relevance and Reliability of Brand Assets Recognized by UK Firms

Kallapur, Sanjay; Kwan, Sabrina - 2001

We examine the value relevance and reliability of brand assets recognized by 33 UK firms, and the stock price reaction to the announcement of brand capitalization. We find that brand assets are value relevant, i.e., associated with market values. However, the market capitalization rates of...

Persistent link: https://www.econbiz.de/10009430686

I.T. investment and intangibles : evidence from banks

Martín Oliver, Alfredo; Salas Fumás, Vicente - 2010

This paper models the investment behaviour of a multi-asset firm with market power that accumulates valuable intangible assets to complement the IT capital. The investment model is estimated using data from Spanish banks on assets of different nature: material (branches, financial), immaterial...

Persistent link: https://www.econbiz.de/10012530321

Measurement of capital stock and input services of Spanish banks

Martín Oliver, Alfredo; Salas Fumás, Vicente; …

This paper contains estimates of physical and intangible (information technology, advertising and training) capital stock, together with capital, labor and externally provided input services, of Spanish commercial and saving banks in the period 1983 to 2003. Capital stocks are valued at...

Persistent link: https://www.econbiz.de/10012530163