Similar Search Results

Business, Liquidity, and Information Cycles

Bostanci, Gorkem; Ordoñez, Guillermo - National Bureau of Economic Research - 2024

Stock markets play a dual role: help allocate capital by conveying information about firms' fundamentals and provide liquidity by quickly turning stocks into cash. We propose a trading model in which these two roles are endogenously related: more intensive use of stocks for liquidity affects...

Persistent link: https://www.econbiz.de/10014544779

Signalling, Productivity and Investment

Dosis, Anastasios - 2019

This paper studies the effect of inter-entrepreneurial productivity variation on investment under asymmetric information and signalling in the credit market. When productivity is not sufficiently dispersed, safe-type entrepreneurs face borrowing constraints and might under- or over-invest...

Persistent link: https://www.econbiz.de/10012902948

The news media and the expectation formation of firms : conference paper

Buchen, Teresa - 2013 - Preliminary version

information that provides a coding service is the mass media. This paper investigates empirically whether the news media have an … macroeconomic news rises. Second, the news media act as an amplifi er of actual economic developments. Third, business expectations … react stronger to negative than to positive news. …

Persistent link: https://www.econbiz.de/10010338394

Expectation driven business cycles with limited enforcement

Walentin, Karl - 2009

response to positive news about future productivity, as well as the other properties of an expectation driven business cycle … Portier’s (2006) empirical results and the emerging standard view of expectation driven booms. -- business cycles ; news …

Persistent link: https://www.econbiz.de/10003833848

Dynamics of sectoral business cycle comovement

Sandqvist, Anna Pauliina - 2015

In this paper a multivariate dynamic conditional correlation (DCC) general autoregressive conditional heteroskedasticity (GARCH) framework is employed to study dynamics of sectoral comovement across manufacturing sectors both in Germany and in the United States. Asymmetric effects both in...

Persistent link: https://www.econbiz.de/10011405571

Firm expectations and economic activity

Enders, Zeno; Hünnekes, Franziska; Müller, Gernot J. - 2019

We assess how survey expectations impact production and pricing decisions on the basis of a large panel of German firms. We identify the causal effect of expectations by matching firms with the same fundamentals but different views about the future. The probability to raise (lower) production is...

Persistent link: https://www.econbiz.de/10012001909

Firm expectations and economic activity

Enders, Zeno; Hünnekes, Franziska; Müller, Gernot J. - 2021

We assess how firm expectations about future production impact current production and pricing decisions. Our analysis is based on a large survey of firms in the German manufacturing sector. To identify the causal effect of expectations, we rely on the timing of survey responses and match firms...

Persistent link: https://www.econbiz.de/10012705462

The German manufacturing sector is a granular economy

Wagner, Joachim - 2011

Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research...

Persistent link: https://www.econbiz.de/10010282465

Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

dynamics of an RBC model with only first moment shocks. The mild changes we do find are mainly caused by a bad news effect … ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks ; heterogeneous firms ; news shocks ; uncertainty shocks. …

Persistent link: https://www.econbiz.de/10003857672

The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

Using a unique German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The...

Persistent link: https://www.econbiz.de/10003857682