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...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/146. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | 1 online resource (44 pages) |
| ISBN: | 1484303768 9781484303764 1484307046 9781484307045 |
Internformat
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| 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. | |
| 650 | 0 | |a Prices |x Econometric models. | |
| 650 | 0 | |a Capital assets pricing model. |0 http://id.loc.gov/authorities/subjects/sh85019932 | |
| 650 | 0 | |a Risk management. |0 http://id.loc.gov/authorities/subjects/sh85114200 | |
| 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 | |
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| 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 | |
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| 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. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| contents | 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. 5.5 Model Summary5.6 Return Rate; 5.7 Parametrization; 5.8 Simulation; 6 Conclusion; References; Appendix. |
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| discipline | Wirtschaftswissenschaften |
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| illustrated | Not Illustrated |
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| spelling | Carvalho, Carlos, author. Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. [electronic resource] / Carlos Carvalho. [Washington, D.C.] : International Monetary Fund, [2017] ©2017 1 online resource (44 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/17/146 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. Print version record. 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. 5.5 Model Summary5.6 Return Rate; 5.7 Parametrization; 5.8 Simulation; 6 Conclusion; References; Appendix. Prices Econometric models. Capital assets pricing model. http://id.loc.gov/authorities/subjects/sh85019932 Risk management. http://id.loc.gov/authorities/subjects/sh85114200 Prix Modèles économétriques. Modèle d'évaluation des actifs financiers. Gestion du risque. risk management. aat Risk management fast Prices Econometric models fast Capital assets pricing model fast Asset Pricing. imf Business Objectives Of The Firm. imf Firm Performance: Size, Diversification, And Scope. imf Size Distribution Of Firms. imf has work: Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification (Text) https://id.oclc.org/worldcat/entity/E39PD3vqYG8YrrVqBwcKPYTTH3 https://id.oclc.org/worldcat/ontology/hasWork Print Version: Carvalho, Carlos. Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. Washington, D.C. : International Monetary Fund,2017 9781484303764 IMF working paper ; WP/17/146. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1555981 Volltext |
| spellingShingle | Carvalho, Carlos Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. IMF working paper ; 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. 5.5 Model Summary5.6 Return Rate; 5.7 Parametrization; 5.8 Simulation; 6 Conclusion; References; Appendix. Prices Econometric models. Capital assets pricing model. http://id.loc.gov/authorities/subjects/sh85019932 Risk management. http://id.loc.gov/authorities/subjects/sh85114200 Prix Modèles économétriques. Modèle d'évaluation des actifs financiers. Gestion du risque. risk management. aat Risk management fast Prices Econometric models fast Capital assets pricing model fast Asset Pricing. imf Business Objectives Of The Firm. imf Firm Performance: Size, Diversification, And Scope. imf Size Distribution Of Firms. imf |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85019932 http://id.loc.gov/authorities/subjects/sh85114200 |
| title | Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. |
| title_auth | Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. |
| title_exact_search | Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. |
| title_full | Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. [electronic resource] / Carlos Carvalho. |
| title_fullStr | Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. [electronic resource] / Carlos Carvalho. |
| title_full_unstemmed | Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. [electronic resource] / Carlos Carvalho. |
| title_short | Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification. |
| title_sort | extensive margin adjustment of multi product firm and risk diversification |
| topic | Prices Econometric models. Capital assets pricing model. http://id.loc.gov/authorities/subjects/sh85019932 Risk management. http://id.loc.gov/authorities/subjects/sh85114200 Prix Modèles économétriques. Modèle d'évaluation des actifs financiers. Gestion du risque. risk management. aat Risk management fast Prices Econometric models fast Capital assets pricing model fast Asset Pricing. imf Business Objectives Of The Firm. imf Firm Performance: Size, Diversification, And Scope. imf Size Distribution Of Firms. imf |
| topic_facet | Prices Econometric models. Capital assets pricing model. Risk management. Prix Modèles économétriques. Modèle d'évaluation des actifs financiers. Gestion du risque. risk management. Risk management Prices Econometric models Capital assets pricing model Asset Pricing. Business Objectives Of The Firm. Firm Performance: Size, Diversification, And Scope. Size Distribution Of Firms. |
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