| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29368 |
| 来源ID | Working Paper 29368 |
| Falling Rates and Rising Superstars | |
| Thomas Kroen; Ernest Liu; Atif R. Mian; Amir Sufi | |
| 发表日期 | 2021-10-18 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Do low interest rates contribute to the rise in market concentration? Using data on firm financials and high frequency monetary policy shocks, we find that falling interest rates disproportionately benefit industry leaders, especially when the initial interest rate is already low. Falling rates raise the valuation of industry leaders relative to industry followers and this effect snowballs as the interest rate approaches zero. There are multiple channels through which falling rates disproportionately benefit industry leaders: (i) the cost of borrowing falls more for industry leaders, (ii) industry leaders are able to raise more debt, increase leverage, and buyback more shares, and (iii) capital investment and acquisitions increase more for industry leaders. All three of these effects also snowball as the interest rate approaches zero. The findings provide empirical support to the idea that extremely low interest rates and the rise of superstar firms are connected. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w29368 |
| 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/587042 |
| 推荐引用方式 GB/T 7714 | Thomas Kroen,Ernest Liu,Atif R. Mian,et al. Falling Rates and Rising Superstars. 2021. |
| 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 | ||
| w29368.pdf（690KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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