Capital Reallocation over the Business Cycle 1971-2012
solid green line: cyclical component of GDP, dashed red line: cyclical component of acquisitions, dotted blue line: cyclical component of sales of PP&E
Capital Reallocation Data Files
Correlation of Output with Reallocation (1971-2012): Cyclical Components
Updated version of Table 2 in “Capital Reallocation and Liquidity,” standard errors in parentheses.
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 the data description in the file and the data appendix in the published paper for details.