| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2420 |
| 来源ID | Working Paper 2420 |
| Import Competition and the Stock Market Return to Capital | |
| Gene M. Grossman; James A. Levinsohn | |
| 发表日期 | 1987-10-01 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | We measure the responsiveness of returns to capital invested in six U.S. industries to shocks to the prices of competing import goods. Recognizing that most capital services are not traded on spot rental markets, we treat the intersectoral mobility of capital as the outgrowth of investment behavior. Then the return to capital is realized as an asset return to equity holders. . We model expected returns by CAPM, and relate "excess" returns in a period to unanticipated shocks to the variables that affect current and future profits. We find that positive shocks to import prices cause higher than normal stock market returns in all six industries. The magnitudes of the responses are consistent with the hypothesis that capital is highly sector specific in five of these industries. |
| 主题 | International Economics ; Financial Economics |
| URL | https://www.nber.org/papers/w2420 |
| 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/559675 |
| 推荐引用方式 GB/T 7714 | Gene M. Grossman,James A. Levinsohn. Import Competition and the Stock Market Return to Capital. 1987. |
| 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 | ||
| w2420.pdf（369KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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