David Thesmar
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View article: Replication Data for: Noise in Expectations: Evidence from Analyst Forecasts
Replication Data for: Noise in Expectations: Evidence from Analyst Forecasts Open
This code replicates the main analysis in "Noise in Expectations: Evidence from Analyst Forecasts". For the most up-to-date version of this code, see: https://github.com/timhdesilva/noise_expectations.
View article: The Effects of Mandatory Profit-Sharing on Workers and Firms: Evidence from France
The Effects of Mandatory Profit-Sharing on Workers and Firms: Evidence from France Open
Since 1967, all French firms with more than 100 employees are required to share a fraction of their excess-profits with their employees.Through this scheme, firms with excess-profits distribute on average 10.5% of their pre-tax income to w…
View article: How to Use Microdata for Macro-Finance
How to Use Microdata for Macro-Finance Open
Financial frictions generate misallocation of resources across firms by restricting productive firms’ access to capital. This article reviews the literature that estimates the aggregate losses generated by such misallocation. The first app…
View article: Replication Data for: 'Overreaction in Expectations: Evidence and Theory'
Replication Data for: 'Overreaction in Expectations: Evidence and Theory' Open
The data and programs replicate tables and figures from "Overreaction in Expectations: Evidence and Theory," by Afrouzi, Kwon, Landier, Ma, and Thesmar. Please see the ReadMe file for additional details.
View article: Expectations Formation with Fat-tailed Processes: Evidence from Sales Forecasts
Expectations Formation with Fat-tailed Processes: Evidence from Sales Forecasts Open
We empirically analyze a large sample of firm sales growth expectations. We find that the relationship between forecast errors and lagged revision is non-linear. Forecasters underreact to typical (positive or negative) news about future sa…
View article: When do systematic strategies decay?
When do systematic strategies decay? Open
Published anomalies evaluated outside the data sample deliver about 50% of in-sample performance
View article: Quantifying Reduced‐Form Evidence on Collateral Constraints
Quantifying Reduced‐Form Evidence on Collateral Constraints Open
This paper quantifies the aggregate effects of financing constraints. We start from a standard dynamic investment model with collateral constraints. In contrast to the existing quantitative literature, our estimation does not target the me…
View article: Who is Neoliberal? Durkheimian Individualism and Support for Market Mechanisms
Who is Neoliberal? Durkheimian Individualism and Support for Market Mechanisms Open
This paper investigates the drivers of support for market mechanisms (competition and optimizing behavior by agents).We elicit such attitudes using concrete and simplified situations where respondents face a tradeoff between an economicall…
View article: The Moral Preferences of Investors: Experimental Evidence
The Moral Preferences of Investors: Experimental Evidence Open
We characterize investors' moral preferences in a parsimonious experimental setting, where we auction stocks with various ethical features.We find strong evidence that investors seek to align their investments with their social values ("va…
View article: Noise in Expectations: Evidence from Analyst Forecasts
Noise in Expectations: Evidence from Analyst Forecasts Open
This paper quantifies the amount of noise and bias in analysts' forecast of corporate earnings at various horizons.We first show analyst forecasts outperform statistical forecasts at shorthorizons, but underperform at longer horizons.We ne…