BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//AMSE//Event Calendar//FR
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:event-11486@amse-aixmarseille.fr
DTSTAMP:20260430T124952Z
CREATED:20260430T124952Z
LAST-MODIFIED:20260430T124952Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:Macro and labor market seminar - Timo Boppart
DTSTART:20250516T103000Z
DTEND:20250516T113000Z
DESCRIPTION:Which firms drive aggregate productivity growth? Price-earnings
  ratios differ markedly across publicly-listed firms.  Large differences r
 emain after netting out proxies for firm-specific discount factors.  We fi
 nd that high P/E firms tend to see increases in their earnings relative to 
 sales\, which we interpret as rents from ideas. We construct an endogenous 
 growth model with persistent shocks to firm innovation step-sizes and calib
 rate it to match patterns in the data. The model implies that growth would 
 be less than half as fast\, even with the same innovative effort\, if firms
  had the same step sizes.  The model can be used to infer expected growth 
 contributions of individual firms (such as members of the Magnificent Seven
 ) and individual sectors (such as AI firms). We find that the share of grow
 th coming from the smallest listed firms exceeds their 10% sales share\, wh
 ereas the largest firms account for less than their 10% sales share.\\n\\nC
 ontact: Marco Fongoni : marco.fongoni[at]univ-amu.frAlexandros Loukas : ale
 xandros.loukas[at]univ-amu.fr\n\nPlus d'informations: https://amse-aixmarse
 ille.fr/fr/evenements/timo-boppart
LOCATION:Îlot Bernard du Bois - Salle 17\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://amse-aixmarseille.fr/fr/evenements/timo-boppart
CONTACT:Marco Fongoni : marco.fongoni[at]univ-amu.frAlexandros Loukas : ale
 xandros.loukas[at]univ-amu.fr
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR