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Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification.
Product scope adjustment is a key mechanism through which multi-product firms achieve efficient resource allocations. In this paper, we take a novel perspective to study firms' product scope adjustment behavior through the lens of asset pricing. Using a unique panel scanner data set containing...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Colección: | IMF working paper ;
WP/17/146. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Carvalho, Carlos, |e author. | |
| 245 | 1 | 0 | |a Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. |h [electronic resource] / |c Carlos Carvalho. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2017] | |
| 264 | 4 | |c ©2017 | |
| 300 | |a 1 online resource (44 pages) | ||
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| 490 | 1 | |a IMF Working Paper ; |v WP/17/146 | |
| 520 | 3 | |a Product scope adjustment is a key mechanism through which multi-product firms achieve efficient resource allocations. In this paper, we take a novel perspective to study firms' product scope adjustment behavior through the lens of asset pricing. Using a unique panel scanner data set containing detailed information on products, matched with the financial information of their manufacturers, we find that multi-product firms with higher product turnover have lower financial risks and lower risk premia. To understand this channel, we propose a stylized model with a time-dependent (Calvo-type) product turnover rate to highlight the 'risk absorption channel' of product scope adjustment. In response to an economy-wide shock, a firm that can adjust its product scope more flexibly shows lower excess equity returns and lower asset volatility. | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover; Table of Contents; 1 Introduction; 2 The Relationship between Extensive Margin Adjustment and Asset Price Under CCAPM; 3 Data Description; 4 Empirical Findings; 4.1 Extensive Margin Adjustment Rate is Sticky -- 4.2 Comparison between High vs Low Product Turnover Groups; 4.3 Portfolio Analysis; 4.4 Extensive margin Adjustment and Risk; 4.5 Robustness Check; 5 A Dynamic Model of Extensive Margin Adjustment; 5.1 Household; 5.2 Price of the Product; 5.3 Firm's Decision on Optimal Product Scope: Without Friction; 5.4 Firm's Decision on Optimal Product Scope: A Calvo-type Model. | |
| 505 | 8 | |a 5.5 Model Summary5.6 Return Rate; 5.7 Parametrization; 5.8 Simulation; 6 Conclusion; References; Appendix. | |
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Prices |x Econometric models. | |
| 650 | 0 | |a Capital assets pricing model. | |
| 650 | 0 | |a Risk management. | |
| 650 | 6 | |a Prix |x Modèles économétriques. | |
| 650 | 6 | |a Modèle d'évaluation des actifs financiers. | |
| 650 | 6 | |a Gestion du risque. | |
| 650 | 7 | |a risk management. |2 aat | |
| 650 | 7 | |a Risk management |2 fast | |
| 650 | 7 | |a Prices |x Econometric models |2 fast | |
| 650 | 7 | |a Capital assets pricing model |2 fast | |
| 650 | 7 | |a Asset Pricing. |2 imf | |
| 650 | 7 | |a Business Objectives Of The Firm. |2 imf | |
| 650 | 7 | |a Firm Performance: Size, Diversification, And Scope. |2 imf | |
| 650 | 7 | |a Size Distribution Of Firms. |2 imf | |
| 776 | 0 | 8 | |i Print Version: |a Carvalho, Carlos. |t Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. |d Washington, D.C. : International Monetary Fund,2017 |z 9781484303764 |
| 830 | 0 | |a IMF working paper ; |v WP/17/146. | |
| 856 | 4 | 0 | |u https://ebsco.uam.elogim.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1555981 |z Texto completo |
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