论文标题
利润难题或：公开公司的利润下降了
Profit Puzzles or: Public Firm Profits Have Fallen
论文作者
论文摘要
我们表明，自1980年以来，上市公司的利润率下降了一半。被推断为总计数据中公司利润率上升的剩余，自1980年以来，私人公司的利润率翻了一番。上涨率与利润率的下跌相匹配，而公共公司代表性从30％增加到了美国资本股票的60％。这些结果表明，将公共公司推向总经理的时变选择偏见可能是严重的。
We show that public firm profit rates fell by half since 1980. Inferred as the residual from the rise of US corporate profit rates in aggregate data, private firm profit rates doubled since 1980. Public firm financial returns matched their fall in profit rates, while public firm representativeness increased from 30% to 60% of the US capital stock. These results imply that time-varying selection biases in extrapolating public firms to the aggregate economy can be severe.
