The Present Value of Future Market Power
提出一个现值恒等式，将企业市场价值与预期未来加价、产出增长、贴现率和投资联系起来。通过区分当前加价与预期加价，发现预期加价解释了1980年以来美国企业价值上升的一半，并与无形资产投资、贴现率和异常回报相关。
Abstract We introduce a present-value identity relating a firm’s market value to expected future markups, output growth, discount rates, and investments. Distinguishing current from expected markups reveals five empirical facts: (1) Expected markups account for half the rise in U.S. firm values since 1980. (2) The rise in aggregate expected markups reflects market-share reallocation toward high-expected-markup firms and within-firm increases. (3) Expected markups are linked to intangible investments. (4) They relate negatively to discount rates over time but (5) positively to abnormal returns across firms. Finally, variation in long-term expected markups is primarily associated with asset prices rather than current markups.