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Tax Reform and Adjustment Costs : The Impact on Investment and Market Value
Auerbach, Alan J. - 1986
This paper derives analytical measures of the combined effects of tax changes and adjustment costs on investment and …
Persistent link: https://www.econbiz.de/10012476966
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Tax Reform, Investment, and the Value of the Firm
Auerbach, Alan J. - 1986
The taxation of corporate assets is well understood to influence investment and firm valuation. This paper explores the … incentives than those implied by the usual static analysis. Simulation results suggest that investment is sensitive to future tax …
Persistent link: https://www.econbiz.de/10012477274
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Disclosure and the Cost of Capital : Evidence from Firms' Responses to the Enron Shock
Leuz, Christian - 2009
This paper examines the link between disclosure and the cost of capital. We exploit an exogenous cost of capital shock created by the Enron scandal in Fall 2001 and analyze firms' disclosure responses to this shock. These tests are opposite to the typical research design that analyzes cost of...
Persistent link: https://www.econbiz.de/10012463751
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An Exact Soultion for the Investment and Market Value of a Firm Facing Uncertainty, Adjustment Costs, and Irreversibility
Abel, Andrew B. - 1993
This paper derives closed-form solutions for the investment and market value, under uncertainty, of competitive firms … irreversible investment as well as for reversible investment. Optimal investment is a non-decreasing function of q, the shadow … value of capital. The conditions of optimality imply that q cannot contain a bubble; thus, optimal investment depends only …
Persistent link: https://www.econbiz.de/10012474539
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Is Stock Index Membership for Sale?
Li, Kun; Liu, Xin; Wei, Shang-jin - National Bureau of Economic Research - 2021
While major stock market indices are followed by large monetary investments, we document that membership decisions for the S&P 500 index have a nontrivial amount of discretion. We show that firms' purchases of S&P ratings appear to improve their chance of entering the index (but purchases of...
Persistent link: https://www.econbiz.de/10012660043
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Taxes and capital formation
Feldstein, Martin S. (ed.) - 1987
Persistent link: https://www.econbiz.de/10000742921
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Financing corporate capital formation
Friedman, Benjamin M. (ed.) - 1986
Persistent link: https://www.econbiz.de/10000707732
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The Changing Structure of Wages in the US and Germany : What Explains the Differences?
Beaudry, Paul - 2000
Over the last twenty years the wage-education relationships in the US and Germany have evolved very differently, while the education composition of employment has evolved in a surprisingly parallel fashion. In this paper, we propose and test an explanation to these conflicting patterns. The...
Persistent link: https://www.econbiz.de/10012471064
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Rents and Intangible Capital : A Q+ Framework
Crouzet, Nicolas; Eberly, Janice C. - National Bureau of Economic Research - 2021
In recent years, US investment has been lackluster, despite rising valuations. Key explanations include growing rents … -- reflected in average Q -- and investment -- reflected in marginal q -- can be decomposed into three terms: the value of …
Persistent link: https://www.econbiz.de/10012599278
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Comparison and Analysis of Productivity Growth and R&D Investment in theElectrical Machinery Industries of the United States and Japan
Nadiri, M. Ishaq - 1986
This paper presents a comparative analysis of productivity growth in the U.S. and Japanese electrical machinery industries in the postwar period. This industry has experienced rapid growth in output and productivity and high rates of capital formation in both countries. A substantial amount of...
Persistent link: https://www.econbiz.de/10012477226