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We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a...
Persistent link: https://www.econbiz.de/10010950822
Este capítulo está dedicado a la definición y aplicación del concepto del 'costo de capital' y la valoración de los flujos de caja desde diferentes puntos de vista. Se presenta un método para estimar el costo de la deuda y las formulaciones generales del costo del patrimonio y del...
Persistent link: https://www.econbiz.de/10010763012
This chapter is devoted to the definition and application of the cost of capital"concept to the valuation of cash flows from different points of view. We present an approach to estimate the cost of debt and general formulations for the cost of equity and the traditional weighted average cost of...
Persistent link: https://www.econbiz.de/10010763013
This study derives and evaluates estimates of the equity risk premium inferred from the stock prices and analysts’ earnings forecasts of U.S. insurance companies. During most of the sample period, April 1983 through September 2012, the quarterly median implied equity risk premium (IERP) of...
Persistent link: https://www.econbiz.de/10010840134
We argue that the empirical evidence against the capital asset pricing model (CAPM) based on stock returns does not invalidate its use for estimating the cost of capital for projects in making capital budgeting decisions. Because stocks are backed not only by projects in place, but also by the...
Persistent link: https://www.econbiz.de/10010702354
The rise of the modular production in assembly industries is initially located in its capacity to manage the increasing complexity of the products. However these implications exceed this technological dimension. Many works advance that the modular production implies a reorganization of the firms...
Persistent link: https://www.econbiz.de/10005546456
The paper investigates the effects of Mergers and Acquisitions (M&A) on corporate research and development (R&D) strategies using Community Innovation Survey (CIS) data on the Dutch manufacturing sector. The focus of the research is whether M&A affect corporate innovation strategies, favouring...
Persistent link: https://www.econbiz.de/10005481658
This paper develops a model of a monopolistically competitive industry with extensive and intensive business investment and shows how these margins respond to changes in average and marginal corporate tax rates. Intensive investment refers to the size of a firm’s capital stock. Extensive...
Persistent link: https://www.econbiz.de/10005487424
We consider a model where a given number of firms decide on a pollution-reducing production technology, and then hire workers who subsequently form a monopoly union which sets the wage. We study the possibility of "double dividents", i.e. simultaneous reduction in pollution and increases in...
Persistent link: https://www.econbiz.de/10005424069
The rise of the modular production in assembly industries is initially located in its capacity to manage the increasing complexity of the products. However these implications exceed this technological dimension. Many works advance that the modular production implies a reorganization of the firms...
Persistent link: https://www.econbiz.de/10005412970