全球智库信息集成服务系统(G2TT): Measuring the Effects of Firm Uncertainty on Economic Activity: New Evidence from One Million Documents

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27896
来源ID	Working Paper 27896
	Measuring the Effects of Firm Uncertainty on Economic Activity: New Evidence from One Million Documents
	Kyle Handley; J. Frank Li
发表日期	2020-10-05
出版年	2020
语种	英语
摘要	We construct a new measure of firm-level uncertainty from analyzing the text of mandatory reports filed with the U.S. Securities and Exchange Commission. Using firm and establishment level panel data on investment margins and employment dynamics, we find our uncertainty measure has large effects on investment even after controlling for industry and time-varying shocks. Periods of high firm uncertainty (1) reduce investment rates by 0.5% and attenuate the response to positive sales shocks by about half and (2) reduce employment growth rates by 1.4% and the response to positive sales shocks by 30%. Firms are less responsive to demand shocks at the firm level and across establishments within the firm. Consistent with “wait and see” dynamics, uncertainty affects new investment activity, e.g. plant births and acquisition, more than disinvestment margins.
主题	Microeconomics ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Business Cycles
URL	https://www.nber.org/papers/w27896
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/585569
推荐引用方式 GB/T 7714	Kyle Handley,J. Frank Li. Measuring the Effects of Firm Uncertainty on Economic Activity: New Evidence from One Million Documents. 2020.

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
w27896.pdf（964KB）	智库出版物		限制开放	CC BY-NC-SA	浏览