Insurance within the firm



Table 5

The autocovariance structure of shocks to earnings

The table reports the estimates and the corresponding standard errors of the autocovariances of
the unexplained component of real earnings growth, i.e., estimates of
E (∆ω^∙t∆a>ijt-τ). Data are
pooled over all years.

Order

All years

Order

All years

O

0.0165

1o

-0.0002

(0.0003)

(0.0001)

1

-0.0065

11

0.0002

(0.0002)

(0.0001)

2

0.0001

12

0.0001

(0.0001)

(0.0002)

3

0.0003

13

-0.0005

(0.0001)

(0.0002)

4

-0.0001

14

0.0003

(0.0001)

(0.0002)

5

-0.0000

15

-0.0004

(0.0001)

(0.0002)

6

-0.0000

16

0.0001

(0.0001)

(0.0002)

7

-0.0000

17

-0.0002

(0.0001)

(0.0003)

8

-0.0001

18

0.0004

(0.0001)

(0.0005)

9

0.0001
(0.0001)

45



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