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SUMMARY:Product Life Cycles in Corporate Finance
DTSTART:20171117T103000
DTEND:20171117T120000
DTSTAMP:20260427T200805Z
UID:98f12280bdce31402243a45b4473b427238ceb2c413179c0fec14f6a
CATEGORIES:Conferences - Seminars
DESCRIPTION:Gerard HOBERG (University of Southern California\, Marshall Sc
 hool of Business)\nWe build a dynamic text-based model of the product life
  cycle aggregated to the firm level. Motivated by theory\, we model five s
 tages: product innovation\, process innovation\, maturity\, decline\, and 
 delisting. We find that firms\, on average\, follow identifiable transitio
 ns through the cycle as they age\, however major shocks can disrupt\, reve
 rse\, or accelerate this progression. A firm's position in the life cycle 
 has material consequences for its investment policies\,the sensitivity of 
 its investment to Tobins' Q\, its acquisition strategy\, and its longer-te
 rm outcome. Regarding investment\, a conditional investment-Q model vastly
  outperforms a simple investment-Q model in predicting investment\, and mo
 reover the advantage of the conditional model is growing in magnitude duri
 ng our sample as firms are becoming larger and more complex. Overall our f
 indings document a first-order role played by product life cycles in shapi
 ng an array of important corporate finance decisions.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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