| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3472 |
| DP3472 Can Insider Power Affect Employment? | |
| Dennis Snower; Pilar Diaz-Vazquez | |
| 发表日期 | 2002-07-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is predicted to decline over a firm's lifetime due to learning, with steeper decline when the firm is young. These predictions are confirmed empirically. Data also support the predictions that younger stocks and stocks that pay no dividends have more volatile returns. Firm profitability has become more volatile recently, helping explain the puzzling increase in average idiosyncratic return volatility observed over the past few decades. |
| 主题 | Financial Economics |
| 关键词 | Valuation Learning Uncertainty Profitability Market to book |
| URL | https://cepr.org/publications/dp3472 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532490 |
| 推荐引用方式 GB/T 7714 | Dennis Snower,Pilar Diaz-Vazquez. DP3472 Can Insider Power Affect Employment?. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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