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News media, common information, and sectoral comovement : conference paper

Buchen, Teresa - 2014

media coverage of economic news in Germany, we find that a higher volume of economy-wide news indeed signifi cantly … of sectoral output comovement. Although firms tend to be more susceptible to bad news, the tone of media coverage only …

Persistent link: https://www.econbiz.de/10010484401

Is Inventory's Fiscal Year End Effect Caused by Sales Timing? A Test Using a Natural Experiment from Germany

Lai, Richard K. - 2008

One explanation for firms' inventory cycles is that they are tied to the calendar year, reflecting fundamental demand seasonality. But we find that these cycles are also tied to the fiscal year, an accounting artifact constructed by firms themselves. Specifically, inventory is lower at fiscal...

Persistent link: https://www.econbiz.de/10014223952

News or animal spirits? : consumer confidence and economic activity: Redux

Choi, Sangyyup; Jeong, Jaehun; Park, Dohyeon; Yoo, Donghoon - 2023

, such as consumption and output, is primarily driven by news shocks about the future. We expand upon their research in two … the main finding of Barsky and Sims (2012) that this relationship is predominantly driven by news about the future. …

Persistent link: https://www.econbiz.de/10014248736

Determinants of Business Cycles in Small Scale Macroeconomic Models : The German Case

Maußner, Alfred; Spatz, Julius - 2003

We identify measures of shocks to total factor productivity and preferences from two real business cycle models and subject them to Granger causality tests to see whether they can be considered exogenous to other plausible sources of the German business cycle. For the period 60.i to 89.iv no...

Persistent link: https://www.econbiz.de/10014076251

Extensive versus intensive margin over the business cycle : new evidence for Germany and the United States

Herzog-Stein, Alexander; Nüß, Patrick - 2016

(Veränderung der Arbeitsstunden je Erwerbstätigen) für die Veränderung des Arbeitsvolumens im Konjunkturverlauf in Deutschland und … Bedeutung in Deutschland im Zeitverlauf erheblich. Generell spielt die intensive Margin in Deutschland eine größere Rolle als in … Margin in Deutschland, unabhängig von der Wahl des Glättungsparameters. …

Persistent link: https://www.econbiz.de/10011433362

The German manufacturing sector is a granular economy

Wagner, Joachim - 2011

Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research...

Persistent link: https://www.econbiz.de/10009519874

Leverage and firm performance : new evidence on the role of economic sentiment using accounting information

Kalantonis, Petros; Kallandranis, Christos; … - In: Journal of capital markets studies 5 (2021) 1, pp. 96-107

Purpose - The goal of this paper is twofold. First, to examine the role of expectations in shaping agents' behaviour within an extended time frame which incorporates a prolonged harsh downturn of economic activity. Therefore, the authors allow for an indirect impact of economy-wide expectations...

Persistent link: https://www.econbiz.de/10012625044

The Impact of Political Cycle : Evidence from Coalmine Accidents in China

Nie, Huihua - 2013

This paper examines the impact of political cycle on coalmine accidents in China. The political cycle is formed by the major local meetings of legislative bodies held every year in all provinces of China. This is because the government has a strong incentive to maintain social stability during...

Persistent link: https://www.econbiz.de/10013075187

Emerging Market Business Cycles Revisited : Learning About the Trend

Boz, Emine; Daude, Christian; Durdu, Ceyhun Bora - 2008

The data reveal that emerging markets do not differ from developed countries with regards to the variance of permanent TFP shocks relative to transitory. They do differ, however, in the degree of uncertainty agents face when formulating expectations. Based on these observations, we build an...

Persistent link: https://www.econbiz.de/10014218680

The Cyclicality of Job-to-Job Transitions and Its Implications for Aggregate Productivity

Mukoyama, Toshihiko - 2013

A key feature of the 2007 financial crisis is that for some classes of securities trade has practically ceased. And where trade has occurred, it appears that market prices are well below their intrinsic values. This seems especially true for those securities where the payoff streams are...

Persistent link: https://www.econbiz.de/10013083907