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Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
) CAPM capital budgeting decision-making based on disequilibrium NPV is deductively inferred by the Capital Asset Pricing … Model, (ii) the use of the disequilibrium NPV is widespread in finance both as a decision rule and as a valuation tool, (iii …’s (2005) project valuation method, on the basis of which Magni’s criticism to NPV is objected, leaves decision makers open to …
Persistent link: https://www.econbiz.de/10005836868
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The importance of investment decision in enterprise management
Virginia, CUCU - In: Economia. Seria Management 12 (2009) 1 Special, pp. 204-210
the capital stock. The second condition implies a complex decision called the investment process or the programming of the …
Persistent link: https://www.econbiz.de/10005002657
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CAPM and capital budgeting: present versus future, equilibrium versus disequilibrium, decision versus valuation
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
This paper deals with the use of the CAPM for capital budgeting purposes. Four different measures are deductively drawn from this model: the disequilibrium Net Present Value, the equilibrium Net Present Value, the disequilibrium Net Future Value, the equilibrium Net Future Value. While all of...
Persistent link: https://www.econbiz.de/10005055505
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Capital Taxes with Real and Financial Frictions.
DeBacker, Jason M. - Economics and Finance Department, Jennings A. Jones … - 2011
This paper studies how frictions, both real and financial, interact with capital tax policy in a dynamic, general equilibrium model with heterogeneous firms. Comparative statics show that tax policy can have substantially different effects depending upon the frictions present. Analytical and...
Persistent link: https://www.econbiz.de/10010860676
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Does the market matter for more than investment?
Smith, Jason - In: Journal of Empirical Finance 25 (2014) C, pp. 52-61
Market effects on corporate investment are well documented. Low disagreement implies high investment, but we know little about what high disagreement implies, other than the implied flip side (low investment). This paper adds to this literature in several ways. A new dimension of corporate...
Persistent link: https://www.econbiz.de/10010753042
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
in such different fields as economic theory, management accounting and corporate finance, are considered: O'Hanlon and … budgeting decision-making …
Persistent link: https://www.econbiz.de/10005789544
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The interaction between firms and Government in the context of investment decisions: a real options approach
Barbosa, Diogo; Carvalho, Vitor M.; Pereira, Paulo J. - Faculdade de Economia, Universidade do Porto - 2013
behavior for firms and Government on their decision to invest and promote investment, respectively. To be more realistic, the …
Persistent link: https://www.econbiz.de/10010699074
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Quelques enseignements tirés de la recherche en finance d’entreprise
Schatt, Alain - In: Revue Finance Contrôle Stratégie 11 (2008) Special, pp. 193-235
(VF)Cet article expose les principaux résultats tirés des travaux empiriques portant sur les causes et les conséquences des décisions financières prises par les dirigeants d’entreprises françaises. Les trois types de décisions étudiées sont les décisions d’investissement, les...
Persistent link: https://www.econbiz.de/10005111117
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Heterogeneous Beliefs, Moral Hazard, and Capital Structure
Bigus, Jochen - In: Schmalenbach Business Review (sbr) 55 (2003) 2, pp. 136-160
This paper provides a new approach to the theory of capital structure by emphasizing the issue that investors and … in real life, corporate finance theory hardly addresses them. When heterogeneous beliefs and moral hazard exist, a debt …
Persistent link: https://www.econbiz.de/10005736886
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A Soft Budget Constraint Explanation for the Venture Capital Cycle
Gebhardt, Georg - Volkswirtschaftliche Fakultät, … - 2006
outsider can. Therefore, the venture capitalist delegates the continuation decision to the outsider by ex ante restricting the …
Persistent link: https://www.econbiz.de/10005614481