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- Publications
- Influence
Value-Enhancing Capital Budgeting and Firm-specific Stock Return Variation
We document a robust cross-sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm-specific variation in stock… Expand
Does Greater Firm-Specific Return Variation Mean More or Less Informed Stock Pricing?
- A. Durnev, R. Morck, B. Yeung, Paul Zarowin
- Economics
- 1 May 2001
Roll [1988] observes low R 2 statistics for common asset pricing models due to vigorous firm-specific return variation not associated with public information. He concludes that this implies “either… Expand
Precarious Politics and Return Volatility
- Maria Boutchkova, A. Durnev, H. Doshi, A. Molchanov
- Business, Economics
- 25 July 2011
We examine how local and global political risks affect industry return volatility. Our central premise is that some industries are more sensitive to political events than others. We find that… Expand
To steal or not to steal: firm attributes
TLDR
The Real Effects of Political Uncertainty: Elections and Investment Sensitivity to Stock Prices
- A. Durnev
- Business
- 22 December 2010
We show that political uncertainty surrounding elections can affect how corporate investment responds to stock prices. In a large panel of elections around the world, investment is 40% less sensitive… Expand
Does Firm-Specific Information in Stock Prices Guide Capital Allocation?
We show that firms in industries in which firm-specific stock price variation is larger use more external financing and allocate capital with greater precision in the sense that their marginal q… Expand
Value Enhancing Capital Budgeting & Firm-Specific Stock Returns Variation
We document a robust cross-sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm-specific variation in stock… Expand
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Property rights protection, corporate transparency, and growth
- A. Durnev, V. Errunza, A. Molchanov
- Economics
- 1 July 2009
In countries with secure property rights, corporate transparency improves investment efficiency and increases growth by alleviating information asymmetry. However, in countries with insecure property… Expand
Corporate Social Responsibility and Asset Pricing in Industry Equilibrium
- Rui Albuquerque, A. Durnev, Y. Koskinen
- Business
- 29 July 2012
Corporate social responsibility (CSR) represents a growing strategic concern for corporations around the world, many of which are adopting CSR as a core management or board-level function. The Global… Expand
When Talk Isn't Cheap: The Corporate Value of Political Rhetoric
- A. Durnev, Larry Fauver, N. Gupta
- Political Science
- 19 November 2014
Does political rhetoric matter for firms and investors? We conduct a textual analysis of all 388 gubernatorial “State of the state” speeches given between 2002 and 2010 across U.S. states, to examine… Expand