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Agency Costs, Mispricing, and Ownership Structure
Chernenko, Sergey - 2010
of publicly listed corporate subsidiaries in Japan. When there is greater scope for expropriation by the parent firm …
Persistent link: https://www.econbiz.de/10013144749
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Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan
Ando, Albert - 2009
The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of …
Persistent link: https://www.econbiz.de/10012767782
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Measuring Depreciation for Japan : Rejoinder to Dekle and Summers
Hayashi, Fumio - 2021
rate (ratio of depreciation to the capital stock) is implausibly high. I argue in this rejoinder that Japan's high … Japan. Second, equipment capital (a component of the denominator in the depreciation rate) in the Japanese national accounts … seems underestimated. Therefore, my estimate of the level of depreciation for Japan does not seem exaggerated …
Persistent link: https://www.econbiz.de/10013221935
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On the Japanese Economy and Japanese National Accounts
Ando, Albert - 2021
A review of the Japanese National Accounts reveals that the Japanese household sector has apparently suffered a capital loss of some 400 trillion-yen in 1990 consumption prices since 1970. This loss is large enough to explain most of the Japanese recession of the 1990's. We can trace some...
Persistent link: https://www.econbiz.de/10013311189
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A Stochastic Model of Investment, Marginal Q and the Market Value of Thefirm
Abel, Andrew B. - 2021
This paper presents closed-form solutions for the investment and valuation of a competitive firm with a Cobb-Douglas production function and a constant elasticity adjustment cost function in the presence of stochastic prices for output and inputs. The value of the firm is a linear function of...
Persistent link: https://www.econbiz.de/10013218536
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How Does the Market Value Unfunded Pension Liabilities?
Bulow, Jeremy - 2013
We lead off by discussing a number of theoretical reasons for expecting various relationships between a firm's unfunded pension liability and its market value. We then discuss our doubts about the methodology of earlier papers which studied the empirical relation between funding and market value...
Persistent link: https://www.econbiz.de/10012754748
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Government Guarantees and the Valuation of American Banks
Atkeson, Andrew - 2018
Banks' ratio of the market value to book value of their equity was close to 1 until the 1990s, then more than doubled during the 1996-2007 period, and fell again to values close to 1 after the 2008 financial crisis. Sarin and Summers (2016) and Chousakos and Gorton (2017) argue that the drop in...
Persistent link: https://www.econbiz.de/10012916621
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The Global Rise of Corporate Saving
Chen, Peter - 2017
The sectoral composition of global saving changed dramatically during the last three decades. Whereas in the early 1980s most of global investment was funded by household saving, nowadays nearly two-thirds of global investment is funded by corporate saving. This shift in the sectoral composition...
Persistent link: https://www.econbiz.de/10012963739
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Saving Puzzles and Saving Policies in the United States
Lusardi, Annamaria; Skinner, Jonathan S.; Venti, Steven F. - 2021
In the past two decades the widely reported personal saving rate in the United States has dropped from double digits to below zero. First, we attempt to account for the decline in the National Income and Product Accounts (NIPA) saving rate. The macroeconomic literature suggests that about half...
Persistent link: https://www.econbiz.de/10013220783
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Pledgeability, Industry Liquidity, and Financing Cycles
Diamond, Douglas W. - 2017
Why do firms choose high debt when they anticipate high valuations, and underperform subsequently? We propose a theory of financing cycles where the importance of creditors' control rights over cash flows (“pledgeability”) varies with industry liquidity. The market allows firms take on more...
Persistent link: https://www.econbiz.de/10012965425