The paper investigates how changes in industries' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries' dependence on external funding as an identification mechanism, we show that...

This paper examines the impacts of banking market structure and regulation on economic growth using new data on banking market concentration and manufacturing industry-level growth rates for U.S. states during 1899-1929 — a period when the manufacturing sector was expanding rapidly and...

In this study, U.S. manufacturing firms' profitability measures including profit margins and returns on equity are examined over the 1971-2005 period. We find strong support for the “insulation hypothesis” as our results show that the profitability ratios and the valuation multiples of U.S....

The long-term declining role of manufacturing in the U.S. economy – reflecting a shift of the economy after World War II to a post-industrial orientation with an increased emphasis on services – was accelerated by the effects on manufacturing jobs and trade deficits of President Reagan's...

In this study, U.S. manufacturing firms' short-term financial management measures including net working capital, inventory turnover and receivables turnover are examined over the 1971-2005 period. The impacts of firm size, profitability, tangibility, market-to-book ratio, leverage, as well as...

We re-examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of publicly listed U.S. firms clustered into eleven industries. Using a panel approach, we uncover statistically significant and sizable unconditional exposure. We also examine...

We derive asymptotic properties of estimators and test statistics to determine - in a grouped data setting - common versus group-specific factors. Despite the fact that our test statistic for the number of common factors, under the null, involves a parameter at the boundary (related to unit...

We re-examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of publicly listed U.S. firms clustered into eleven industries. Using a panel approach, we uncover statistically significant and sizable unconditional exposure. We also examine...

Using data on manufacturing production for the entire industry and 8 of its 9 divisions, we find little evidence of synchronization between manufacturing output in Mexico and the US. Hence, it is unlikely that the synchronization of the business cycles of these two countries emerged as the...

This paper investigates the exposure of industry level portfolios to oil price shocks. Our paper utilizes the Campbell (1991) decomposition of stock returns based on a log-linear approximation to the discounted present value relation while allowing for time varying expected returns. The results...