{"id":"https://openalex.org/W2588080352","doi":"https://doi.org/10.2469/faj.v69.n6.3","title":"Accounting and the Macroeconomy: The Case of Aggregate Price-Level Effects on Individual Stocks","display_name":"Accounting and the Macroeconomy: The Case of Aggregate Price-Level Effects on Individual Stocks","publication_year":2013,"publication_date":"2013-11-01","ids":{"openalex":"https://openalex.org/W2588080352","doi":"https://doi.org/10.2469/faj.v69.n6.3","mag":"2588080352"},"language":"en","primary_location":{"id":"doi:10.2469/faj.v69.n6.3","doi":"https://doi.org/10.2469/faj.v69.n6.3","is_oa":false,"landing_page_url":"https://doi.org/10.2469/faj.v69.n6.3","pdf_url":null,"source":{"id":"https://openalex.org/S162525099","display_name":"Financial Analysts Journal","issn_l":"0015-198X","issn":["0015-198X","1938-3312"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Analysts Journal","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://escholarship.org/content/qt97f8r7f3/qt97f8r7f3.pdf?t=o22kao","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5075562389","display_name":"Yaniv Konchitchki","orcid":"https://orcid.org/0000-0002-4123-7405","observed_orcids":["https://orcid.org/0000-0002-4123-7405"]},"institutions":[{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Yaniv Konchitchki","raw_affiliation_strings":["Yaniv Konchitchki is assistant professor of accounting at the Haas School of\r          Business, University of California, Berkeley","University of California Berkeley, Haas School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Yaniv Konchitchki is assistant professor of accounting at the Haas School of\r          Business, University of California, Berkeley","institution_ids":["https://openalex.org/I95457486"]},{"raw_affiliation_string":"University of California Berkeley, Haas School of Business","institution_ids":["https://openalex.org/I95457486"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5075562389"],"corresponding_institution_ids":["https://openalex.org/I95457486"],"apc_list":null,"apc_paid":null,"fwci":3.4985,"has_fulltext":true,"cited_by_count":23,"citation_normalized_percentile":{"value":0.93320366,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"69","issue":"6","first_page":"40","last_page":"54"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9765999913215637,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9765999913215637,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.013199999928474426,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.007499999832361937,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/inflation","display_name":"inflation","score":0.9139999747276306},{"id":"https://openalex.org/keywords/stock-valuation","display_name":"stock valuation","score":0.8820000290870667},{"id":"https://openalex.org/keywords/risk-adjusted-returns","display_name":"risk-adjusted returns","score":0.875},{"id":"https://openalex.org/keywords/financial-statement-analysis","display_name":"financial statement analysis","score":0.7649999856948853}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7659589052200317},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.610166072845459},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.5875308513641357},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5826058387756348},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.5743287801742554},{"id":"https://openalex.org/C70771513","wikidata":"https://www.wikidata.org/wiki/Q235779","display_name":"Hedge","level":2,"score":0.5135335922241211},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.47256582975387573},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1743188202381134},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":8,"locations":[{"id":"doi:10.2469/faj.v69.n6.3","doi":"https://doi.org/10.2469/faj.v69.n6.3","is_oa":false,"landing_page_url":"https://doi.org/10.2469/faj.v69.n6.3","pdf_url":null,"source":{"id":"https://openalex.org/S162525099","display_name":"Financial Analysts Journal","issn_l":"0015-198X","issn":["0015-198X","1938-3312"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Analysts Journal","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:pra:mprapa:52934","doi":null,"is_oa":false,"landing_page_url":"https://mpra.ub.uni-muenchen.de/52934/2/MPRA_paper_52934.pdf","pdf_url":"https://mpra.ub.uni-muenchen.de/52934/2/MPRA_paper_52934.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:escholarship.org:ark:/13030/qt97f8r7f3","doi":null,"is_oa":true,"landing_page_url":"https://escholarship.org/uc/item/97f8r7f3","pdf_url":"https://escholarship.org/content/qt97f8r7f3/qt97f8r7f3.pdf?t=o22kao","source":{"id":"https://openalex.org/S4306400115","display_name":"eScholarship (California Digital Library)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2801248553","host_organization_name":"California Digital Library","host_organization_lineage":["https://openalex.org/I2801248553"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"},{"id":"mag:2588080352","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2384366_code393568.pdf?abstractid=2293654&mirid=3","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:2977693385","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:pra:mprapa:52934","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:taf:ufajxx:v:69:y:2013:i:6:p:40-54","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.2469/faj.v69.n6.3","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:escholarship.org/ark:/13030/qt97f8r7f3","doi":null,"is_oa":false,"landing_page_url":"https://escholarship.org/uc/item/97f8r7f3","pdf_url":null,"source":{"id":"https://openalex.org/S4306400115","display_name":"eScholarship (California Digital Library)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2801248553","host_organization_name":"California Digital Library","host_organization_lineage":["https://openalex.org/I2801248553"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"},{"id":"pmh:qt97f8r7f3","doi":null,"is_oa":false,"landing_page_url":"http://www.escholarship.org/uc/item/97f8r7f3","pdf_url":null,"source":{"id":"https://openalex.org/S4306400115","display_name":"eScholarship (California Digital Library)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2801248553","host_organization_name":"California Digital Library","host_organization_lineage":["https://openalex.org/I2801248553"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Konchitchki, Y. (2013). Accounting and the macroeconomy: The case of aggregate price-level effects on individual stocks. UC Berkeley: Retrieved from: http://www.escholarship.org/uc/item/97f8r7f3","raw_type":"article"}],"best_oa_location":{"id":"pmh:oai:escholarship.org:ark:/13030/qt97f8r7f3","doi":null,"is_oa":true,"landing_page_url":"https://escholarship.org/uc/item/97f8r7f3","pdf_url":"https://escholarship.org/content/qt97f8r7f3/qt97f8r7f3.pdf?t=o22kao","source":{"id":"https://openalex.org/S4306400115","display_name":"eScholarship (California Digital Library)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2801248553","host_organization_name":"California Digital Library","host_organization_lineage":["https://openalex.org/I2801248553"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.5099999904632568}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2588080352.pdf","grobid_xml":"https://content.openalex.org/works/W2588080352.grobid-xml"},"referenced_works_count":36,"referenced_works":["https://openalex.org/W1513538699","https://openalex.org/W1990892678","https://openalex.org/W1994880519","https://openalex.org/W1995834279","https://openalex.org/W2007785900","https://openalex.org/W2030297459","https://openalex.org/W2033633196","https://openalex.org/W2050705842","https://openalex.org/W2068119505","https://openalex.org/W2076947889","https://openalex.org/W2080989414","https://openalex.org/W2100876305","https://openalex.org/W2104795328","https://openalex.org/W2110031356","https://openalex.org/W2110155273","https://openalex.org/W2111730646","https://openalex.org/W2115234228","https://openalex.org/W2116668421","https://openalex.org/W2128662763","https://openalex.org/W2133049119","https://openalex.org/W2136120210","https://openalex.org/W2140250711","https://openalex.org/W2143963417","https://openalex.org/W2145896105","https://openalex.org/W2148965563","https://openalex.org/W2315939576","https://openalex.org/W2329320632","https://openalex.org/W3121288394","https://openalex.org/W3121992633","https://openalex.org/W3123218623","https://openalex.org/W3123231842","https://openalex.org/W3123284902","https://openalex.org/W3124277494","https://openalex.org/W3125410053","https://openalex.org/W3125788531","https://openalex.org/W3205547156"],"related_works":["https://openalex.org/W7096076144","https://openalex.org/W3024227492","https://openalex.org/W2990019066","https://openalex.org/W7095663163","https://openalex.org/W2140250711","https://openalex.org/W7154007170","https://openalex.org/W100906435","https://openalex.org/W2362880014","https://openalex.org/W4412904465","https://openalex.org/W2046733170"],"abstract_inverted_index":{"The":[0],"author":[1],"used":[2],"financial":[3],"statement":[4],"analysis":[5],"to":[6],"examine":[7],"systematic":[8],"stock-valuation":[9],"effects":[10,93],"of":[11,94],"aggregate":[12],"price-level":[13],"changes":[14],"on":[15,19,38,53,70,90],"individual":[16],"companies,":[17],"focusing":[18],"the":[20,50,67,85,91],"implications":[21,98],"for":[22,99],"researchers":[23],"and":[24,46,77],"investment":[25,35],"practitioners.":[26],"Among":[27],"other":[28],"insights,":[29],"he":[30],"showed":[31],"that":[32],"(1)":[33],"inflation-based":[34],"strategies":[36],"conditioned":[37],"available":[39],"information":[40],"resulted":[41,58],"in":[42,59],"significant":[43,79],"risk-adjusted":[44],"returns":[45,63],"(2)":[47],"investing":[48,65],"using":[49,66],"inflation":[51,68],"effect":[52,69],"companies\u2019":[54,71],"net":[55],"monetary":[56],"holdings":[57,73],"insignificant":[60],"abnormal":[61,80],"hedge":[62,81],"whereas":[64],"nonmonetary":[72],"consistently":[74],"yielded":[75],"economically":[76],"statistically":[78],"returns.":[82],"Taken":[83],"together,":[84],"study":[86],"sheds":[87],"new":[88],"light":[89],"cross-sectional":[92],"inflation,":[95],"with":[96],"substantial":[97],"valuation.":[100]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2017-02-24T00:00:00"}