Showing 1 - 4 of 4
We document that the firm level hiring rate predicts stock returns in the cross-section of US publicly traded firms even after controlling for investment, size, book-to-market and momentum as well as other known predictors of stock returns. The predictability shows up in both Fama-MacBeth cross...
Persistent link: https://www.econbiz.de/10005073776
We study technology adoption, risk and expected returns using a dynamic equilibrium model with production. The central insight is that optimal technology adoption is an important driving force of the cross section of stock returns. The model predicts that technology adopting firms are less risky...
Persistent link: https://www.econbiz.de/10008480961
I study the cross sectional variation of stock returns and technological progress using a dynamic equilibrium model with production. In the model, technological progress is endogenously driven by R&D investment and is composed of two parts. One part is product innovation devoted to creating new...
Persistent link: https://www.econbiz.de/10008493131
We use asset pricing insights to study importance of micro-level frictions for aggregate quantities. In our model, the relevant stochastic variable is a stationary growth rate (necessary to produce high Sharpe Ratios in a Long Run Risk world), as opposed to a trend-stationary level of...
Persistent link: https://www.econbiz.de/10010686501