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The Investment Manifesto
Lin, Xiaoji - 2012
A deep-ingrained doctrine in asset pricing says that if an empirical characteristic-return relation is consistent with investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the doctrine. Factors formed on characteristics are...
Persistent link: https://www.econbiz.de/10013096092
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Assessment of Investment Projects on the Basis of Production Efficiency
Daskovskiy, Vadim - 2012
Methodologically, the recommended investment project (IP) selection system is distinguished from one in force by: new conception allowing for time factor; evaluating IP efficiency by eventual reproduction results, not by intermediate investment activity results (included is a generalized...
Persistent link: https://www.econbiz.de/10013101098
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The Investment Manifesto
Lin, Xiaoji - 2012
A deep-ingrained doctrine in asset pricing says that if an empirical characteristic-return relation is consistent with investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the doctrine. Factors formed on characteristics are...
Persistent link: https://www.econbiz.de/10013110170
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Firm-level investment spikes and aggregate investment over the Great Recession
Disney, Richard; Miller, Helen; Pope, Thomas - 2018
Firm-level investment paths are commonly characterised by periods of low or zero investment punctuated by large investment ‘spikes’. We document that such spikes are important for understanding firm and aggregate level investment in the UK. We show that annual variation in aggregate...
Persistent link: https://www.econbiz.de/10011817429
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Anomalies
Li, Erica X. N. - 2010
We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and …
Persistent link: https://www.econbiz.de/10013149934
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Financial Heterogeneity, Investment, and Firm Interactions
Liu, Yang - 2023
Recent literature has shown that corporate indebtedness affects firm-level investment behavior but not necessarily aggregate business cycles. I argue that interactions among heterogeneous firms play an important role in equilibrium. After a downturn, financially unconstrained firms in...
Persistent link: https://www.econbiz.de/10014348807
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Share Repurchases and Investment Policies
Brockman, Paul; Lee, Hye Seung (Grace); Salas, Jesus M. - 2023
Our study examines whether share repurchases lead to reductions in real investments. Repurchase opponents argue that managers forego value-enhancing investments to conduct opportunistic repurchases, while proponents argue that repurchases return excess cash to shareholders who then reinvest it...
Persistent link: https://www.econbiz.de/10014254216
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Bonds vs. Equities : Information for Investment
Chang, Huifeng; d'Avernas, Adrien; Eisfeldt, Andrea L. - 2021
We provide robust empirical evidence that uncovers the reason for the observed closer relationship between the bond … market versus the equity market and the macroeconomy. Our results indicate that the tight bond market-macroeconomy link is …
Persistent link: https://www.econbiz.de/10013228522
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Analysis of Bond Portfolios in an ALM Context
Verbiest, Eddy H. - 2021
A system is implemented that simulates a bond portfolio over the long-term of liabilities. It pays all liabilities and … of return potential and risk drivers on the bond allocation, on assumptions and on market conditions in order to improve … €10billion insurer portfolio. Current market conditions favor short bond duration, reducing government bonds and mixing in …
Persistent link: https://www.econbiz.de/10013224637
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Firm Investment, Financial Constraint and Voluntary Asset Sales
Gautam, Vikash - 2011
This paper contributes empirically to the ‘Excess Sensitivity' literature by arguing that results obtained by using investment-cash flow sensitivity as a metric to represent finance constraint of firms can be misleading. This is because cash flow apart from signaling change in net worth may...
Persistent link: https://www.econbiz.de/10013132019