دانلود رایگان مقاله لاتین انعطاف ناپذیری دستمزد و مواجهه با خطر بیشتر شرکت ها از سایت الزویر
عنوان فارسی مقاله:
آیا انعطاف ناپذیری دستمزد باعث می شود که شرکت ها با خطر بیشتری مواجه شوند؟ شواهد از پیش بینی طول بازگشت افقی
عنوان انگلیسی مقاله:
Does wage rigidity make firms riskier? Evidence from long-horizon return predictability
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Model and Empirical Specification
22 This section solves two models to motivate the empirical exercise. The first model 23 shows that wage rigidity can lead to long horizon return predictability, with low wage growth leading to high future expected returns. The second model is an extension of 1 the first and shows that the effect of labor share on long horizon returns is ambiguous, 2 even if wages negatively forecast future expected returns. 3 2.1. Simple model 4 Empirically, wages are significantly smoother than output and imperfectly correlated 5 with output. From the firm owner’s perspective, relative rigidity of the firm’s wage bill 6 looks like leverage, making equity especially risky because during bad times wages do not 7 fall by as much as output does. Because output falls by more than wages, falling wages 8 are associated with rising operating leverage, higher risk, and higher expected equity 9 returns. Note that absent labor market frictions, the wage will equal to the marginal 10 product of labor and will be nearly perfectly correlated with output; as a result there 11 will be no relationship between wage growth and expected asset returns. This section will solve a very simple model4 12 which can formalize the above intuition 13 and guide our empirical exercise. The model’s results are consistent with Favilukis and 14 Lin (2015), who explore the asset pricing implications of wage rigidity in a calibrated, 15 general equilibrium, production economy and show that sticky wages induce time-varying 16 expected equity returns.
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کلمات کلیدی:
Technological Innovation and Economic Performance https://books.google.com/books?isbn=0691090912 Benn Steil, David G. Victor, Richard R. Nelson - 2002 - Business & Economics But the rigidities have an adverse effect on Germany's capacity for innovation by ... and by making the formation of new firms unnecessarily risky for entrepreneurs. ... Moreover, people do not move easily between firms because it is risky for new ... Wages are determined through autonomous negotiations between the trade ... [PDF]Downward Wage Rigidity, Corporate Investment, and Firm Value www.fmaconferences.org/Boston/Cho_WP_Jan102017.pdf by D CHO - Related articles ABSTRACT. Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwill- ...... Does wage rigidity make firms riskier? Evidence ... [PDF]Wage Rigidity: A Solution to Several Asset Pricing Puzzles. - EFA2012 www.efa2012.org/papers/s2e3.pdf by J Favilukis - 2012 - Cited by 17 - Related articles Jul 11, 2012 - like operating leverage, making profits more risky. ... Infrequent wage resetting causes the average wage paid by firms to be equal to the ...
