Firm Investment Under Imperfect Capital Markets PDF Download
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Author: Sangeeta Pratap
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 68
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Book Description
Author: Sangeeta Pratap
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 68
Get Book Here
Book Description
Author: Sangeeta Pratap
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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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: Ijaz Nabi
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 32
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Book Description
Author: Oleksandr Shcherbakov
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 42
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Book Description
Author: Ms.Yu Shi
Publisher: International Monetary Fund
ISBN: 1498316352
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
Using business registry data from China, we show that internal capital markets in business groups can propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value, which accounts for 71% (7%) of the median (average) investment rate among these firms. We argue that equity exchanges is one channel through which corporate shareholders transmit bank credit supply shocks to the subsidiaries and provide empirical evidence to support the channel.
Author: Sijing Zong
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 326
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Book Description
My dissertation is a study of corporate investment behavior under market imperfections. This dissertation is structured as three inter-related essays that each addresses a particular aspect of the investment behavior of firms and all share common themes which are 1) market imperfections complicate managerial decisions on investments; and 2) the models based on perfect market assumptions may not be correct. The first essay, The relationship between internal cash flow and investments, studies the puzzle of the sensitivity of corporate investments to internal cash flows and finds that a U-shaped sensitivity curve between investment and cash flows can be clearly identified in the U.S. and in most other countries studied. The second essay, The relationship between market valuation and corporate investments, studies the relationship between stock market valuation and firm investments using a model controlling for many market imperfection components and employing simultaneous equations estimates. Essay two finds that both market perceptions and fundamental factors are important influences on corporate investment decisions. Moreover, we document that market valuation has a much higher impact on investment than fundamental variables, which seems to be consistent with the contentions in Barro (1990) and Baker et al. (2003). The third essay, Who will benefit from diversification: a transaction cost view of diversified firms, studies the issue of diversification and using data for a number of countries finds that both firm-level and country-level variables are important determinants of the excess values of diversified firms. We find that country risk, legal system, country disclosure level, information asymmetry measures, and agency cost measures are all important factors that influence diversified firm values. Our findings are largely consistent with those suggested by the transaction cost theory and provide a new perspective for the evaluations of firm diversification. In summary, this dissertation studies the impacts of market imperfections on corporate investment decisions and suggests that when operating in an imperfect market, a firm's investment decision-making process is influenced by cash flows, stock prices, and transactions costs, and is much more complicated than in perfect markets.
Author: Sungsoo Koh
Publisher:
ISBN:
Category : Bank loans
Languages : en
Pages : 144
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Book Description
Author: Fidel Jaramillo
Publisher: World Bank Publications
ISBN:
Category : Mercado de capitales - Ecuador
Languages : en
Pages : 33
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Book Description
Author: Giorgio Calcagnini
Publisher: Springer Science & Business Media
ISBN: 3790821314
Category : Business & Economics
Languages : en
Pages : 237
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Book Description
This book is a collection of eleven papers concerned with the effects of market imperfections on the decision-making of economic agents and on economic policies that try to correct the inefficient market outcomes due to those imperfections. As a consequence, real and financial imperfections are related : economic decisions are simultaneously affected by imperfections present both in real and financial markets. Notwithstanding the obvious fact that market interdependence is not novel, scholar interests are typically concentrated on the specific relationship among economic decisions originating from particular imperfections. This explains why, in the case of perfect financial markets, we can speak of "the" us.
