Stock Valuation and Learning About Profitability

By Ľuboš Pástor, Pietro Veronesi. 2003

175 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/e55fd69c23f1a413fcbd81243e7a2186cbd6b654

Citations in the corpus

Idiosyncratic Volatility and Product Market Competition (2004, unknown): “Pástor and Veronesi (2003) develop a simple firm valuation model in which underlying average profitability (the drift of the firm’s stochastic earnings process) is unknown.”
What Drove the Increase in Idiosyncratic Volatility during the Internet Boom? (2010, unknown): “To the extent that the age of a firm is a proxy for uncertainty regarding fu ture growth rates, these results support Pastor and Veronesi's (2003) argument that volatility declines as investors rationally learn more about the profitability of the firms.”
The Value Premium (2005, unknown): “Pástor and Veronesi (2003) show that the average volatility of firm-level profitability has risen from 10% per year in the early 1960s to about 45% in the late 1990s.12 The calibrated conditional volatility of firm-level productivity is 10% per month, corresponding to 35% per year, which seems…”
Financial Statement Comparability and Expected Crash Risk (2016, unknown): “Firm size (FIRM_SIZE) is controlled as it has been found to affect a firm's stock price volatility (Pástor and Veronesi, 2003), credit risk (Beaver et al., 2005), and crash risk (Chen et al., 2001; Hutton et al., 2009).”
Creative destruction and firm-specific performance heterogeneity (2007, unknown): “Corporate Demography Rising firm performance heterogeneity is linked to a rising proportion of small or young firms (Campbell, Lettau, Malkiel, and Xu, 2001; Pastor and Veronesi, 2003; Fama and French, 2004; Fink, Fink, Grullon, and Weston, 2005; Bennett and Sias, 2006; Davis, Haltiwanger, Jarmin, a”
Seeking Safety: The Relation between CEO Inside Debt Holdings and the Riskiness of Firm Investment and Financial Policies (2012, unknown): “investment and financial policies related to the life cycle of the firm (Pastor and Veronesi, 2003).”
Information Immobility and the Home Bias Puzzle (2009, unknown): “Second, Pastor and Veronesi (2003) find that firms with more abundant historical data offer lower returns.”