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180614 ||| eng |
| 020 |
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|a 9781484303764
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| 100 |
1 |
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|a Carvalho, Carlos
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| 245 |
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0 |
|a Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification
|c Carlos Carvalho, Gee Hee Hong, Jing Zhou
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2017
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| 300 |
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|a 44 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Inflation
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Wealth
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| 653 |
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|a Income
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| 653 |
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|a Stocks
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| 653 |
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|a Pension Funds
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| 653 |
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|a Labour; income economics
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| 653 |
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|a Financial institutions
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| 653 |
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|a Saving
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Deflation
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| 653 |
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|a Aggregate Factor Income Distribution
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| 653 |
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|a Industry Studies: Manufacturing: General
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| 653 |
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|a National accounts
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| 653 |
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|a Business Objectives of the Firm
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| 653 |
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|a Labor
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| 653 |
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|a Firm Performance: Size, Diversification, and Scope
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| 653 |
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|a Asset prices
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Price Level
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| 653 |
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|a Size Distribution of Firms
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| 653 |
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|a Consumption; Economics
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| 653 |
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|a Labor Economics: General
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| 653 |
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|a Investments: Stocks
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| 653 |
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|a Consumption
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Investment & securities
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| 653 |
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|a Production, Pricing, and Market Structure
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| 653 |
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|a Labor economics
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| 700 |
1 |
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|a Hong, Gee Hee
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| 700 |
1 |
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|a Zhou, Jing
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781484303764.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2017/146/001.2017.issue-146-en.xml?cid=44972-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|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
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