منابع مشابه
Measurement Errors of Expected Returns Proxies and the Implied Cost of Capital
I develop a novel diagnostic procedure to estimate the associations between measurement errors of expected returns proxies and rm characteristics. Application to GLS, a popular implementation of the implied cost of capital ("ICC"), yields the rst direct empirical evidence that ICC measurement errors i) are persistent, ii) can be associated with rmsrisk or growth characteristics, and therefo...
متن کاملMeasurement Errors of Expected-Return Proxies and the Implied Cost of Capital
Despite their popularity as proxies of expected returns, the implied cost of capital’s (ICC) measurement error properties are relatively unknown. Through an in-depth analysis of a popular implementation of ICCs by Gebhardt, Lee, and Swaminathan (2001) (GLS), I show that ICC measurement errors can be not only nonrandom and persistent, but can also be associated with firms’ risk or growth charact...
متن کاملCapital Flows and Capital Goods*
Studying the relation between equity market liberalization and imports of capital goods, we examine one channel through which international financial integration can promote growth. For the period 1980-1997, we find that after controlling for other policies and fundamentals, stock market liberalizations are associated with a significant increase in the share of imports of machinery and equipmen...
متن کاملBlind deconvolution: errors, errors everywhere
attempt to reconstruct a true spectrum from an observed one. The problem we're considering is sometimes called blind deconvolution, because we're trying to unravel not only the spectrum, but the function that caused the blurring. These problems also arise in image deblurring. Spectroscopy Consider the data in Figure 1, which represents counts measured by a spectrometer. Suppose we have particle...
متن کاملPhysical Capital, Human Capital Distribution of Earnings
The relationship between physical capital. human capital and the distribution of turnings is examined empirically using cross-sectional microdata within SklSAs. Comprtrarive advantage in workers and a scale-of-resources effect among firms is predicted to lead to a rel~ti~)n~hip between capital and earnings. The level of earnings is found to be positively related to capital intensity and nrgntiv...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Nature Genetics
سال: 2000
ISSN: 1061-4036,1546-1718
DOI: 10.1038/73421