.png){kind=icon}
返回
Competition, Markups, and Predictable Returns
.png){kind=icon}
OA
AI
DOI：10.1093/rfs/hhaa054.png)
.png){kind=icon}
.png){kind=icon}
分享.png){kind=icon}
收藏
摘要
En 中文
This paper jointly examines the link between competition and expected returns in the time series and in the cross-section. To this end, we build a general equilibrium model where markups vary because of firm entry with oligopolistic competition. When concentration is high, markups are more sensitive to entry risk. We find that higher markups are associated with higher expected returns over time and across industries, in line with the data. The model can also quantitatively account for the persistent rise in aggregate risk premiums and macroeconomic volatility associated with the secular increase trend industry concentration since the mid-1980s.
Keyword:
LONG-RUN RISK
PRODUCT VARIETY
ASSET
CONSUMPTION
INVESTMENT
DYNAMICS
BEHAVIOR
ENTRY
FIRMS
PRICE
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
5.4
论文数:
2.8K
被引数:
3.0W
机构
引用论文
.png){kind=icon}
Labor Hiring, Investment, and Stock Return Predictability in the Cross Section横截面上的劳动力招聘、投资和股票回报可预测性OAAI
OAAI分享收藏
查看更多内容