Corporate Investment Behavior in the Imperfect Capital Market PDF Download
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Author: Sijing Zong
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Sijing Zong
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Mansoor Dailami
Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 48
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Book Description
The vigorous expansion of corporate real investment in Korea in the 1980s despite high real interest rates owes much to the rapid growth of the stock market and its increasingly important role in supplying equity capital to the corporate sector.
Author: Liang-Yn Liu
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 370
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Author: Geremia Palomba
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
This paper examines the intertemporal effect of corporate income taxation on the investment behavior of a firm that faces imperfect capital markets. It shows that when capital markets are imperfect, the optimizing firm goes through different phases of growth. In this dynamic setting, the effect of a corporate tax on profits varies over time. An increase in the corporate profit tax rate initially reduces investment, but the effect is reversed over time as the firm adjusts its financing policy to the new tax rate.
Author: Mr.Albert Jaeger
Publisher: International Monetary Fund
ISBN: 145185403X
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
The recent boom-bust cycle in the euro area's equity valuations has left nonfinancial corporations saddled with a legacy of high debt or leverage. Models of corporate investment behavior based on imperfect capital markets predict that highly leveraged balance sheets can act as a brake on investment spending. The paper's empirical analysis suggests that leverage effects on corporate investment can be substantial and persistent, particularly if leverage exceeds threshold values.
Author: Sangeeta Pratap
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 68
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Book Description
Author: Robert Lensink
Publisher: Edward Elgar Publishing
ISBN: 9781782541240
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
This book presents an up-to-date overview of the theory as well as the empirics of the relationship between investment, financial imperfections and uncertainty. After reviewing the capital market imperfections literature and the empirical results, the authors discuss both traditional investment models with uncertainty and the more modern option based models. They present an overview of empirical results of the modelling of investment under uncertainty. In these examples the effects of capital market imperfections on investment are carefully considered. The authors conclude that there is overwhelming empirical support for a negative uncertainty-investment relationship. This book should appeal to academics with an interest in investment theory, professionals in the financial sector and students of macroeconomics and finance. "Investment, Capital Market Imperfections, and Uncertainty" assumes only a basic knowledge of mathematics and is easily accessible.
Author: Jaehoon Hahn
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
Theories of capital market imperfections have strong cross-sectional implications not only for corporate investment, but also for asset prices. Motivated by these theories, we develop a hypothesis about a differential effect of debt capacity on stock returns across financially constrained and unconstrained firms, based on a model of corporate investment under collateral constraints. The findings strongly support the hypothesis. Debt capacity is positively associated with stock returns in the cross section of financially constrained firms, after controlling for theoretical and empirical risk proxies such as beta, size, book-to-market, and momentum. The positive marginal impact of debt capacity is also economically significant. In contrast, debt capacity has no systematic relation with the cross section of financially unconstrained firms' stock returns. The results are robust to the way in which firms are classified into constrained and unconstrained groups and to the way in which debt capacity is measured. The findings suggest that cross-sectional differences in corporate investment behavior arising from financial constraints, predicted by theories of imperfect capital markets and supported by empirical evidence, are reflected in the stock returns of manufacturing firms.
Author: G. Constantinides
Publisher: Elsevier
ISBN: 9780444513632
Category : Business & Economics
Languages : en
Pages : 698
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Book Description
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Author: Michael Marquardt
Publisher: GRIN Verlag
ISBN: 3640565371
Category : Business & Economics
Languages : en
Pages : 81
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Book Description
Research Paper (undergraduate) from the year 2010 in the subject Business economics - General, grade: 1,3, University of Applied Sciences Northwestern Switzerland, language: English, abstract: The Efficient market hypothesis can be considered as part of rational economics but it does not specify at all how individuals should or will act. Therefore it might be a useful model of the functioning of the market as a whole but it does not explain the behaviors of investors as well as managers and other participants. While the Efficient market hypothesis deals as a basis for understanding the normal working of the markets, from time to time it might happen that the market as a whole or an individual stock may act irrationally. Such behavior is well known and generally occurs when the market price of a share turns away from its intrinsic value. The result is what commonly is called a bubble. This term is often used but the reasons for the occurrence are quite unclear. In fact, at the same time as the market as a whole has become more efficient, instances of irrationality have become more common or at least appear to be. Therefore we try to discuss the question why capital markets, which are considered as efficient and perfect in theory, are volatile and imperfect in reality. The paper responds to this question by discussing mainly the irrational behavior of people by turning into the field of psychology. Furthermore it seeks for approaches of explanation conducted by different investment strategies containing among others an increased use of derivative instruments or single trades based on massive capacity which therefore influence prices. Methodology and Structure of the paper In general the paper can be divided in 3 parts, a theoretical as well as an analytical one and a final point the Conclusion (Part C) which sums up the basic findings of the paper. Whereas Part A can be regarded as delivering the theoretical background, Part B contains the empirical analysis b
