Import Competition and the Stock Market Return to Capital
AbstractThe authors measure the responsiveness of returns to capital invested in six U.S. industries to shocks to the prices of competing import goods. Unanticipated, positive shocks to import prices cause higher than normal stock-market returns in all six industries. The magnitudes of these responses are consistent with the hypothesis that capital is highly specific to its sector of use in five of the six industries studied. Copyright 1989 by American Economic Association.
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 79 (1989)
Issue (Month): 5 (December)
Other versions of this item:
- Gene M. Grossman & James A. Levinsohn, 1990. "Import Competition and the Stock Market Return to Capital," NBER Working Papers 2420, National Bureau of Economic Research, Inc.
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