Capital Reallocation over the Business Cycle 1971-2013
Correlation of Output with Reallocation (1971-2013): Cyclical Components
Updated version of Table 2 in “Capital Reallocation and Liquidity,” standard errors in parentheses.
Capital Reallocation Data Files:
The following files were used to construct the updated capital reallocation data (programs can be used to get updated data as desired).
To extract Compustat data from WRDS getrealloc.sas
capital reallocation time series annreallocsums.sas
Tobin’s q dispersion time series qdisp.sas
(note: see the text of the last 2 files for author information. I did not write these, but have audited them.)
Data: Annual Capital Reallocation (1971-2012) and Dispersion in Tobin’s Q Data (1963-2012).
Please see “Capital Reallocation and Liquidity,” (joint with Adriano Rampini) Journal of Monetary Economics, April 2006, 369-399, for details. Thank you to Leo Li, UCLA Anderson, for assistance in keeping these data updated.