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Investment Timing with Costly Search for Financing
Antill, Samuel - 2017
I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can predict simultaneous financing...
Persistent link: https://www.econbiz.de/10012952427
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Investment Dynamics and Earnings-Return Properties : A Structural Approach
Breuer, Matthias - 2019
We propose the standard neoclassical model of investment under uncertainty with short-run adjustment frictions as a benchmark for earnings-return patterns absent accounting influences. We show that our proposed benchmark generates a wide range of earnings-return patterns documented in accounting...
Persistent link: https://www.econbiz.de/10012902450
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Anti-Takeover Provisions and Investment Timing
Guthrie, Graeme - 2019
We show how directors can set the strength of a firm's anti-takeover provisions in order to influence the investment-timing decision of a future empire-building CEO. The prospect of future hostile takeover attempts, which terminate the CEO's control benefits if successful, affects the CEO's...
Persistent link: https://www.econbiz.de/10012892376
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The Financing of Investment : Firm Size, Asset Tangibility and the Size of Investment
LÉ, Mathias - 2020
How do firms finance their investment? To what extent does the financing mix depends on the nature or the size of investment? To what extent does the funding mix of investment vary along firm size? Relying on a unique database of firms covering 72% of the value added in France over three...
Persistent link: https://www.econbiz.de/10012826973
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Investment Dynamics and Earnings-Return Properties : A Structural Approach
Breuer, Matthias - 2019
We propose the standard neoclassical model of investment under uncertainty with short‐run adjustment frictions as a benchmark for earnings‐return patterns absent accounting influences. We show that our proposed benchmark generates a wide range of earnings‐return patterns documented in...
Persistent link: https://www.econbiz.de/10012867279
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Optimal Investment, Tobin's q, and Cash Flow : Does Unobserved Productivity Matter?
Kim, Kyoo il; Song, Suyong; Wang, Jiawei (Brooke) - 2021
Abstract We study the classical relationship between a firm’s investment and Tobin’s q for which unobserved productivity is another factor of a firm’s decision. Besides the potential measurement problem of Tobin’s q, controlling unobserved productivity is a new challenge. We develop an...
Persistent link: https://www.econbiz.de/10013218365
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Time-to-Build and Capacity Expansion
Jeon, Haejun - 2021
the follow-up investment can be shorter than those of the initial project due to learning by doing. We derive the optimal … each project, however, is non-monotone with respect to the size of the lags. We can endogenize the degree of learning by … doing based on the proportion of capacity in each stage of the investment. Endogenous learning by doing is found to be non …
Persistent link: https://www.econbiz.de/10013242659
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Asymmetric Investment Rates
Bai, Hang; Li, Erica X. N.; Xue, Chen; Zhang, Lu - 2022
Integrating national accounting with financial accounting, we provide firm-specific estimates of current-cost capital stocks for the entire Compustat universe, as well as an array of estimates of investment flows, economic depreciation rates, and capital and investment price deflators. The...
Persistent link: https://www.econbiz.de/10013293008
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The Effects of Labor Choice on Investment and Output Dynamics
Jeon, Haejun; Cui, Xue; Zhang, Chuanqian - 2023
We incorporate both labor and capital as production inputs and discuss the effects of labor choice on a firm's optimal investment decision and output dynamics based on real options framework. In particular, we introduce different levels of labor flexibility and examine how it affects the firm's...
Persistent link: https://www.econbiz.de/10014254898
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Do Customers Learn from Stock Prices?
Sun, Sophia - 2017
customers learn about a firm's product quality partially from its stock price. This learning induces feedback from the price to …
Persistent link: https://www.econbiz.de/10012967395