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The Dynamics of Tobin’s Q
Puopolo, Giovanni W. - Centro Studi di Economia e Finanza (CSEF) - 2011
different industries of the economy, and in turn affects the market-to-book ratios of the firms. I show that firm migration can … stocks and positive for value stocks - (firm migration), (2) predicts a negative relationship between market-to-book ratios …
Persistent link: https://www.econbiz.de/10009643794
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Firm Migration and Stock Returns
PUOPOLO, Giovanni W.
This paper studies the asset pricing implications of a general equi- librium model in which real investment is …
Persistent link: https://www.econbiz.de/10008479278
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Equilibrium Value and Size Premia
Gala, Vito - 2020
A general equilibrium production economy with heterogeneous firms and irreversible investment generates the value premium. Investment irreversibility prevents unprofitable value firms from optimally scaling down their capital stock. In contrast, profitable and fast growing - growth - firms can...
Persistent link: https://www.econbiz.de/10012705904
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The Dynamics of Tobin's Q
Puopolo, Giovanni Walter - 2016
study the firm migration phenomenon across market-to-book ratio. In my model, investors' desire to diversify their … migration found in the data, and a nonlinear pattern in the conditional volatility of Tobin's q. In addition, since firms … inherit these properties, yielding asset-pricing implications in line with the empirical evidence, namely the value premium …
Persistent link: https://www.econbiz.de/10013008221
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The Dynamics of Tobin's Q
Puopolo, Giovanni Walter - 2016
study the firm migration phenomenon across market-to-book ratio. In my model, investors' desire to diversify their … migration found in the data, and a nonlinear pattern in the conditional volatility of Tobin's q. In addition, since firms … inherit these properties, yielding asset-pricing implications in line with the empirical evidence, namely the value premium …
Persistent link: https://www.econbiz.de/10013008222
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Corporate Governance and the Great Recession : An Alternative Explanation for Germany's Success in the Post-2008 World
Masouros, Pavlos E. - 2014
The ability of a nation to resist a crisis depends on the institutional or spatio-temporal fixes it possesses, which can buffer the effects of the crisis, switch the crisis to other nations or defer its effects to the future. Corporate governance configurations in a given country can function as...
Persistent link: https://www.econbiz.de/10013059745
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Activist Capitalism and Democracy
Sepe, Simone M.; Masconale, Saura - 2021
Public corporations are brandishing their political identities. They are increasingly taking stands and messaging on highly charged social issues: gun control, gender and race, immigration, abortion, reproductive rights, and free speech. Corporate scholars have paid scant attention to this...
Persistent link: https://www.econbiz.de/10013240145
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Asset Pricing with Matrix Jump Diffusions
Leippold, Markus; Trojani, Fabio - Swiss National Centre of Competence in Research North … - 2010
applications to, e.g., multivariate option pricing with stochasticvolatilities and correlations, fixed-income models with …
Persistent link: https://www.econbiz.de/10009248844
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Small Growth and Distress Returns : Two Sides of the Same Coin?
Bhamra, Harjoat Singh - 2016
several asset pricing anomalies …
Persistent link: https://www.econbiz.de/10013007449
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Contraction Options : Implications for the Profitability-Return Relation and Momentum Profits
Shim, Kyung Hwan - 2015
We develop a firm valuation model with repeated expansion and contraction options to show operating profitability is a proxy for time-varying systematic risk. Relative to riskier assets, the proportionate value of contraction options increase as profitability falls, lowering the firm beta....
Persistent link: https://www.econbiz.de/10013026825