Firm Characteristics, Unanticipated Inflation, and Stock Returns
重新检验名义合约如何影响未预期通胀与个股回报的关系，发现随时间变化的企业特征（尤其是债务权益比）主导了这种影响。
This paper re-examines the effects of nominal contracts on the relationship between unanticipated inflation and individual stock's rate of return.This study differs in three main ways from previous research.First, announced inflation data are used to examine the effects of unanticipated inflation.Second, a different specification is used to obtain more efficient estimates.Third, additional nominal contracts are considered.The empirical results indicate that time-varying firm characteristics related to inflation predominately determine the effect of unanticipated inflation on a stock's rate of return.A firms debt-equity ratio appears to be particularly important in determining the response.