| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2366 |
| 来源ID | Working Paper 2366 |
| Firm Characteristics, Unanticipated Inflation, and Stock Returns | |
| Douglas K. Pearce; V. Vance Roley | |
| 发表日期 | 1987-08-01 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | This paper re-examines the effects of nominal contracts on the relationship between unanticipated inflation and individual stock's rate of return. This study differs in three main ways from previous research. First, announced inflation data are used to examine the effects of unanticipated inflation. Second, a different specification is used to obtain more efficient estimates. Third, additional nominal contracts are considered. The empirical results indicate that time-varying firm characteristics related to inflation predominately determine the effect of unanticipated inflation on a stock's rate of return. A firm's debt-equity ratio appears to be particularly important in determining the response. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w2366 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559621 |
| 推荐引用方式 GB/T 7714 | Douglas K. Pearce,V. Vance Roley. Firm Characteristics, Unanticipated Inflation, and Stock Returns. 1987. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2366.pdf（356KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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