Inventory Productivity and Stock Returns in Manufacturing Networks

Published Online:https://doi.org/10.1287/msom.2022.0229

References

  • Agca S, Babich V, Birge JR, Wu J (2022) Credit risk propagation along supply chains: Evidence from the cds market. Management Sci. 68(9):6506–6538.LinkGoogle Scholar
  • Ahern KR (2013) Network centrality and the cross section of stock returns. Preprint, submitted December 17, https://dx.doi.org/10.2139/ssrn.2197370.Google Scholar
  • Alan Y, Gao GP, Gaur V (2014) Does inventory productivity predict future stock returns? A retailing industry perspective. Management Sci. 60(10):2416–2434.LinkGoogle Scholar
  • Antràs P, Chor D, Fally T, Hillberry R (2012) Measuring the upstreamness of production and trade flows. Amer. Econom. Rev. 102(3):412–416.CrossrefGoogle Scholar
  • Arora S, Brintrup A (2021) How does the position of firms in the supply chain affect their performance? An empirical study. Appl. Network Sci. 6:1–31.CrossrefGoogle Scholar
  • Atalay E, Hortacsu A, Roberts J, Syverson C (2011) Network structure of production. Proc. Natl. Acad. Sci. USA 108(13):5199–5202.CrossrefGoogle Scholar
  • Bartov E, Givoly D, Hayn C (2002) The rewards to meeting or beating earnings expectations. J. Accounting Econom. 33(2):173–204.CrossrefGoogle Scholar
  • Blinder AS, Maccini LJ (1991) Taking stock: A critical assessment of recent research on inventories. J. Econom. Perspective 5(1):73–96.CrossrefGoogle Scholar
  • Bray RL, Mendelson H (2012) Information transmission and the bullwhip effect: An empirical investigation. Management Sci. 58(5):860–875.LinkGoogle Scholar
  • Bray RL, Mendelson H (2015) Production smoothing and the bullwhip effect. Manufacturing Service Oper. Management 17(2):208–220.LinkGoogle Scholar
  • Cachon G, Terwiesch C (2008) Matching Supply with Demand (McGraw-Hill Publishing, New York).Google Scholar
  • Carhart MM (1997) On persistence in mutual fund performance. J. Finance 52(1):57–82.CrossrefGoogle Scholar
  • Carvalho VM, Nirei M, Saito YU, Tahbaz-Salehi A (2021) Supply chain disruptions: Evidence from the great east Japan earthquake. Quart. J. Econom. 136(2):1255–1321.CrossrefGoogle Scholar
  • Charoenwong B, Han M, Wu J (2023) Trade and foreign economic policy uncertainty in supply chain networks: Who comes home? Manufacturing Service Oper. Management 25(1):126–147.LinkGoogle Scholar
  • Chen H, Frank MZ, Wu OQ (2005) What actually happened to the inventories of American companies between 1981 and 2000? Management Sci. 51(7):1015–1031.LinkGoogle Scholar
  • Chen H, Frank MZ, Wu OQ (2007) Us retail and wholesale inventory performance from 1981 to 2004. Manufacturing Service Oper. Management 9(4):430–456.LinkGoogle Scholar
  • Clark AJ, Scarf H (1960) Optimal policies for a multi-echelon inventory problem. Management Sci. 6(4):475–490.LinkGoogle Scholar
  • Evgeniou T, Peress J, Vermaelen T, Yue L (2022) Network centrality and managerial market-timing ability. J. Financial Quant. Anal. 57(2):704–760.CrossrefGoogle Scholar
  • Fama EF, French KR (2015) A five-factor asset pricing model. J. Financial Econom. 116(1):1–22.CrossrefGoogle Scholar
  • Fama EF, MacBeth JD (1973) Risk, return, and equilibrium: Empirical tests. J. Political Econom. 81(3):607–636.CrossrefGoogle Scholar
  • Fisher M, Raman A (1996) Reducing the cost of demand uncertainty through accurate response to early sales. Oper. Res. 44(1):87–99.LinkGoogle Scholar
  • Gaur V, Kesavan S (2015) The effects of firm size and sales growth rate on inventory turnover performance in the us retail sector. Retail Supply Chain Management (Springer, Berlin), 25–52.CrossrefGoogle Scholar
  • Gaur V, Fisher ML, Raman A (2005) An econometric analysis of inventory turnover performance in retail services. Management Sci. 51(2):181–194.LinkGoogle Scholar
  • Ghemawat P, Nueno JL, Dailey M (2003) ZARA: Fast Fashion (HBS Publishing, Boston).Google Scholar
  • Gofman M, Wu Y (2022) Trade credit and profitability in production networks. J. Financial Econom. 143(1):593–618.CrossrefGoogle Scholar
  • Gofman M, Segal G, Wu Y (2020) Production networks and stock returns: The role of vertical creative destruction. Rev. Financial Stud. 33(12):5856–5905.CrossrefGoogle Scholar
  • Huberman G (2001) Familiarity breeds investment. Rev. Financial Stud. 14(3):659–680.CrossrefGoogle Scholar
  • Jackson MO (2010) Social and Economic Networks (Princeton University Press, Princeton, NJ).CrossrefGoogle Scholar
  • Jain N, Wu D (2023) Can global sourcing strategy predict stock returns? Manufacturing Service Oper. Management 25(4):1357–1375.LinkGoogle Scholar
  • Jain N, Girotra K, Netessine S (2014) Managing global sourcing: Inventory performance. Management Sci. 60(5):1202–1222.LinkGoogle Scholar
  • Kesavan S, Mani V (2013) The relationship between abnormal inventory growth and future earnings for us public retailers. Manufacturing Service Oper. Management 15(1):6–23.LinkGoogle Scholar
  • Kesavan S, Gaur V, Raman A (2010) Do inventory and gross margin data improve sales forecasts for us public retailers? Management Sci. 56(9):1519–1533.LinkGoogle Scholar
  • Lee HL, Tang CS (1997) Modelling the costs and benefits of delayed product differentiation. Management Sci. 43(1):40–53.LinkGoogle Scholar
  • Lee HL, Padmanabhan V, Whang S (1997) Information distortion in a supply chain: The bullwhip effect. Management Sci. 43(4):546–558.LinkGoogle Scholar
  • Markou P, Corsten D (2021) Financial and operational risk management: Inventory effects in the gold mining industry. Production Oper. Management 30(12):4635–4655.CrossrefGoogle Scholar
  • Ohno T, Bodek N (2019) Toyota Production System: Beyond Large-Scale Production (Productivity Press, New York).CrossrefGoogle Scholar
  • Osadchiy N, Schmidt W, Wu J (2021) The bullwhip effect in supply networks. Management Sci. 67(10):6153–6173.LinkGoogle Scholar
  • Pichler A, Diem C, Brintrup A, Lafond F, Magerman G, Buiten G, Choi TY, et al. (2023) Building an alliance to map global supply networks. Science 382(6668):270–272.CrossrefGoogle Scholar
  • Rajagopalan S, Malhotra A (2001) Have US manufacturing inventories really decreased? An empirical study. Manufacturing Service Oper. Management 3(1):14–24.LinkGoogle Scholar
  • Roumiantsev S, Netessine S (2007) What can be learned from classical inventory models: A cross-industry empirical investigation. Manufacturing Service Oper. Management 9(4):409–429.LinkGoogle Scholar
  • Schmidt W, Osadchiy N, Wu J (2021) The right way to mix and match your customers. MIT Sloan Management Rev. 62(4):12–14.Google Scholar
  • Schumpeter JA (1942) Socialism, Capitalism and Democracy (Harper and Brothers, New York).Google Scholar
  • Ullrich KK, Transchel S (2017) Demand–supply mismatches and stock market performance: A retailing perspective. Production Oper. Management 26(8):1444–1462.CrossrefGoogle Scholar
  • Wang YI, Li J, Wu D, Anupindi R (2020) When ignorance is not bliss: An empirical analysis of sub-tier supply network structure on firm risk. Management Sci. 67(4):2029–2048.LinkGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.