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Recent revisions to corporate profits: what we know and when we knew it

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Author Info
Charles P. Himmelberg
James M. Mahoney
April Bang
Brian Chernoff
Abstract

Initial estimates in the National Income and Product Accounts significantly overstated U.S. corporate profits for the 1998-2000 period. Subsequent revisions reveal that the profitability of the nation's corporate sector in the late 1990s was substantially weaker than "real-time" data indicated. An unexpected surge in employee stock options exercised-and perhaps, in some sectors, firms' inflated statements of profit-may help explain the large downward revisions.

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Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): (2004)
Issue (Month): Mar ()
Pages:
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Handle: RePEc:fip:fednci:y:2004:i:mar:n:v.10no.3

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Related research
Keywords: Corporate profits ; Stock options ; Statistics ; Economic indicators;

References listed on IDEAS
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  1. Mihir A. Desai, 2002. "The Corporate Profit Base, Tax Sheltering Activity, and the Changing Nature of Employee Compensation," NBER Working Papers 8866, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
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  1. Robert Boyer, 2005. "From shareholder value to CEO power: the paradox of the 1990s," PSE Working Papers 2005-10, PSE (Ecole normale supérieure). [Downloadable!]
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This page was last updated on 2009-12-9.

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