We disaggregate consumption growth into components with different levels of persistence and show that a single business-cycle consumption factor can explain satisfactorily the differences in risk premia across book-to-market and size-sorted portfolios. We argue that accounting for persistence heterogeneity in consumption is important for interpreting cross-sectional risk compensations in financ...

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The influential papers on the effect of credit constraints on growth and international trade (Rajan and Zingales, 1998; Manova, 2013) tend to assume that asset tangibility and the share of external borrowing are exogenous industry characteristics, which are timeand country-invariant. In the finance literature, however, the share of external borrowing is viewed as endogenous and dependent on the...

This paper examines the relation between liquidity demands of corporate sector and investment decisions. It shows that the liquidity asset holding has two impacts on investments. First, the liquidity can absorb a liquidity shock and helps to continue a necessary project. Second, it helps to continue an undesirable project and decreases the incentive of firms. This negative aspect is quite simil...

Penelitian ini dilakukan di PT. Ultrajaya Milk Industri Co. Tbk yang bertujuan untuk mengetahui Total Asset Turn Over, Leverage Dan Sales Growth Terhadap Return On pada Periode 2010-2019. Data digunakan dalam penelitian adalah data sekunder bersumber dari keuangan telah dipublikasikan melalui www.idx.com. Sampel 1 perusahaan terdaftar BEI selama tahun Metode pengumpulan menggunakan metode dokum...

This study departs from asset growth in Islamic banks which has decreased the last four years even though assets have increased every year. research is structured to be basis for making policies increase of banks. The design used quantitative with help smart PLS ver.3.3. number samples 94 people a population 123 employees Banks Serang and Cilegon Branch Offices supervisory positions above. samp...