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- W2904343226 abstract "We introduce imperfect information and parameter learning into a production-based asset pricing model. Our model features slow learning about firms' exposure to aggregate productivity shocks over time. In contrast to a full information case, our framework provides a unified explanation for the stylized empirical features of the cross-section of stocks that differ in capital age: old capital firms (1) have higher capital allocation efficiency; (2) are more exposed to aggregate productivity shocks and, hence, earn higher expected returns, which we refer to as capital age premium; and (3) have shorter cash-flow duration, when compared to young capital firms." @default.
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- W2904343226 date "2018-01-01" @default.
- W2904343226 modified "2023-09-23" @default.
- W2904343226 title "Learning and the Capital Age Premium" @default.
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- W2904343226 doi "https://doi.org/10.2139/ssrn.3225041" @default.
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