作者：Antras, Pol
作者单位：Harvard University
摘要：The field of international trade has undergone significant theoretical and empirical advancements over the last 25 years. A key breakthrough has been the emergence of firm-level approaches to studying exporting, importing, and global value chains. The field has also experienced a quantitative revolution, driven by medium-scale models that rapidly assess the implications of trade cost shocks on real income. Additionally, a branch of the empirical literature has unshackled itself from the discip...
作者：Eeckhout, Jan
作者单位：Pompeu Fabra University; ICREA; Centre de Recerca en Economia Internacional (CREI)
摘要：The real growth of the stock market value of firms has increased from close to 0% on average per year between 1958 and 1980, to 5.2% between 1980 and today. This change coincides with the rise of market power and profits, starting in 1980. This paper proposes to decompose the value of firms based on profits (earnings) rather than dividends. Because firms on average pay out only half of profits in dividends, dividends poorly measure firm performance. I decompose the sources of the rise of the v...
