التفاصيل البيبلوغرافية
| العنوان: |
Firm Networks and Asset Returns. |
| المؤلفون: |
Ramírez, Carlos A1 (AUTHOR) carlos.ramirez@frb.gov |
| المصدر: |
Review of Financial Studies. Oct2024, Vol. 37 Issue 10, p3050-3091. 42p. |
| مصطلحات موضوعية: |
*ECONOMIC shock, *CORPORATE finance, *RATE of return on stocks, *RATE of return, *CONSUMPTION (Economics), *MARKET volatility, *ASSETS (Accounting), *ASSET management |
| مصطلحات جغرافية: |
UNITED States |
| مستخلص: |
Changes in the propagation of shocks along firm networks are important to understanding aggregate and cross-sectional features of stock returns. When calibrated to match key characteristics of supplier–customer networks in the United States, a model in which firms are interlinked via enduring relationships generates long-run consumption risks, high and volatile risk premiums, and a small and stable risk-free rate. The model also matches cross-sectional patterns of portfolio returns sorted by firm centrality, a feature unaccounted for by standard asset pricing models. (JEL C67, E30, G12, L14) [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Business Source Index |