Tuesday, October 15, 2019

A valorização das empresas em bolsa é sobretudo resultado da exploração dos trabalhadores

Too Many Companies Drain Value From the Economy, por Noah Smith (Bloomberg):

This is an important and timely debate, since during the past 15 years, corporate profits have taken in a historically large share of the value produced by the U.S. economy (...).

And in recent years, stock valuations have increased faster than either profits or the economy itself (...).

How much of this increase in market value was due to rent extraction, or to the expectation of future rent extraction? Economists Daniel Greenwald, Martin Lettau and Sydney Ludvigson believe they have an answer: Most of it. In a recent paper, they built a model of the economy in which the value created by businesses could be arbitrarily reallocated between shareholders and workers. They found that redistribution from workers to shareholders accounted for 54% of increased stock wealth. Falling interest rates, rising investor appetites for risk and economic growth comprised the remaining 46%.
O tal paper - How the Wealth Was Won: Factors Shares as Market Fundamentals, por Daniel L. Greenwald, Martin Lettau e Sydney C. Ludvigson:
We provide novel evidence on the driving forces behind the sharp increase in equity values over the post-war era. From the beginning of 1989 to the end of 2017, 23 trillion dollars of real equity wealth was created by the nonfinancial corporate sector. We estimate that 54% of this increase was attributable to a reallocation of rents to shareholders in a decelerating economy. Economic growth accounts for just 24%, followed by lower interest rates (11%) and a lower risk premium (11%). From 1952 to 1988 less than half as much wealth was created, but economic growth accounted for 92% of it.

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