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Housing market dynamics : on the contribution of income shocks and credit constraints (revised version)
Ortalo-Magné, François; Rady, Sven - 2005
We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model...
Persistent link: https://www.econbiz.de/10010440424
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Housing market dynamics : on the contribution of income shocks and credit constraints
Rady, Sven; Ortalo-Magné, François - 2001
This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement. The market interaction of young credit-constrained...
Persistent link: https://www.econbiz.de/10010440971
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Financial shock transmission to heterogeneous firms : the earnings-based borrowing constraint channel
Chiţu, Livia; Grothe, Magdalena; Schulze, Tatjana; Van … - 2023
We study the heterogeneous impact of jointly identified monetary policy and global risk shocks on corporate funding costs. We disentangle these two shocks in a structural Bayesian Vector Autoregression framework and investigate their respective effects on funding costs of heterogeneous firms...
Persistent link: https://www.econbiz.de/10014481142
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The COVID-19 Shock and Equity Shortfall : Firm-Level Evidence from Italy
Carletti, Elena - 2020
We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of about 10% of GDP, and 17% of sample firms, which employ 8.8% of the sample's...
Persistent link: https://www.econbiz.de/10012825960
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The COVID-19 Shock and Equity Shortfall : Firm-level Evidence from Italy
Carletti, Elena; Oliviero, Tommaso; Pagano, Marco; … - 2021
We forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown, using a representative sample of 80,972 Italian firms. A 3-month lockdown entails an aggregate yearly drop in profits of about 10% of GDP and results in financial distress for 17% of the sample firms,...
Persistent link: https://www.econbiz.de/10013245220
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The COVID-19 Shock and Equity Shortfall : Firm-level Evidence from Italy
Carletti, Elena - 2020
We forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown, using a representative sample of 80,972 Italian firms. A 3-month lockdown entails an aggregate yearly drop in profits of about 10% of GDP and results in financial distress for 17% of the sample firms,...
Persistent link: https://www.econbiz.de/10012832699
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The COVID-19 shock and equity shortfall : firm-level evidence from Italy
Carletti, Elena; Oliviero, Tommaso; Pagano, Marco; … - 2020
We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of about 10% of GDP, and 17% of sample firms, which employ 8.8% of the sample's...
Persistent link: https://www.econbiz.de/10012259870
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Dynamic Response of Equity Market Returns to Corporate Profit Growth Shock
Sum, Vichet - 2013
This study investigates how returns on the S&P 500 (SP) dynamically respond to the aggregate corporate profit growth … (CP) shock. The results from running the VAR model using quarterly data from 1951Q4 to 2012Q4 shows that returns on the SP … significantly and positively respond to the CP shock instantly in the first quarter and retreat back to the zero territory …
Persistent link: https://www.econbiz.de/10013078332
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Dynamic Response of Market Dividend Yield and Price-to-Earnings Ratio to Corporate Profit Growth Shock
Sum, Vichet - 2014
corporate profit growth (CP) shock. Using the VAR model to analyze quarterly data from 1951Q4 to 2012Q4, the results show that … both DY and PE significantly drop immediately following the shock to the CP. The Granger-causality Wald tests show that CP …
Persistent link: https://www.econbiz.de/10013063364
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Underinvestment vs. overinvestment : evidence from price reactions to pension contributions
Franzoni, Francesco - 2008
Mandatory contributions to defined benefit pension plans provide a unique identification strategy to estimate the market's assessment of the value of internal resources controlling for investment opportunities. The drop in prices following these cash outflows is magnified for firms that appear a...
Persistent link: https://www.econbiz.de/10003962040