2026-09-19T03:29:31Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/1078632022-01-13T07:54:52Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
Leonid Kogan.
Petukhov, Anton
Sloan School of Management.
Sloan School of Management
2017-04-05T16:00:37Z
2017-04-05T16:00:37Z
2016
2016
http://hdl.handle.net/1721.1/107863
976168163
Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2016.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 33-36).
Empirical literature on reallocation of resources during business cycles provides an evidence of increased reallocation of labor across firms during downturns. In this paper I build a theoretical model with search frictions in the labor market, that is consistent with this observation, and study implications of search and match frictions for the cross section of stock returns. In the model firms having more growth opportunities benefit from recessions due to more slack in the labor market which allows them to expand quicker and convert higher share of their growth opportunities into profitable projects. This feature generates a return spread between value and growth firms. In the model sorts of stocks based on different growth indicators yield patterns documented empirically in previous studies.
by Anton Petukhov.
S.M. in Management Research
36 pages
eng
Massachusetts Institute of Technology
MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission.
http://dspace.mit.edu/handle/1721.1/7582
Sloan School of Management.
Business cycle, reallocation of labor and asset prices
Thesis
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