Working Paper

14 June 2018

The Stability of Dividends and Wages: Effects of Competitor Inflexibility

We analyze how industry-wide risks are shared between firms' employees and their owners. Focusing on the electricity industry, we study firms which are subject to similar risks but use different production technologies. We document...

Daniel A. Rettl | Alex Stomper | Josef Zechner
01 June 2013

Do Analysts' Preferences Affect Corporate Policies?

Equity research analysts tend to cover firms about which they have favorable views. We exploit this tendency to infer analysts' preferences for corporate policies from their coverage decisions. We then use exogenous analyst...

François Degeorge | François Derrien | Ambrus Kecskés | Sébastien Michenaud