Understanding US firm efficiency and its asset pricing implications

We investigate the link between firm-level total factor productivity (TFP) growth, technical efficiency change, and their implications on firm-level stock returns. We estimate total factor productivity growth of US firms between 1966 and 2015 and decompose TFP growth into returns to scale, technical...

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Bibliographic Details
Main Authors: Giovanni Calice, Levent Kutlu, Ming Zeng
Format: Default Article
Published: 2019
Subjects:
Other economics not elsewhere classified
Economics
Asset prices
Efficiency
Frictions
Stock return anomalies
Total factor productivity
Online Access:https://hdl.handle.net/2134/10284263.v1
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