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L’investissement joue à « cash-cash »

Abstract : US corporate profit margins have recovered since 2003. It seems they reached a peak in the third quarter of 2004. In Europe, the upturn has been somewhat delayed, but profitability is likely to gather momentum over the next quarters. Corporate investment is still much tentative in Europe, whereas it bounced back in 2003 in the USA. However, in both regions, profit margins have been used to cut indebtedness, distribute dividends or buy shares back, rather than invest. In consequence, corporate balance sheets have strongly improved, thereby reducing risk premiums, and encouraging loans at low costs. Business’ wait-and-see stance has benefited bond markets rather than share markets to date.
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Submitted on : Wednesday, December 1, 2021 - 5:02:43 PM
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Elena Stancanelli, Valerie Chauvin, Guillaume Chevillon, Odile Chagny, Hélène Baudchon, et al.. L’investissement joue à « cash-cash ». Revue de l'OFCE, 2004, 2004/4 (91), pp.193-202. ⟨10.3917/reof.091.0193⟩. ⟨hal-03462271⟩



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