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Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan
Gilchrist, Simon; Williams, John C. - Federal Reserve Bank of San Francisco - 2004
-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production …
Persistent link: https://www.econbiz.de/10005401537
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Transition dynamics in vintage capital models: explaining the postwar catch-up of Germany and Japan
Gilchrist, Simon; Williams, John C. - Federal Reserve Bank of San Francisco - 2004
-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production …
Persistent link: https://www.econbiz.de/10010702133
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Putty-putty, two sector, vintage capital growth models
Berger, Brett D. - Federal Reserve Board (Board of Governors of the … - 2001
Most growth models assume capital is homogeneous with regard to technology. This contradicts intuition and empirical … evidence that the majority of technology is embodied in the capital stock. Berger (2001) showed that neoclassical vintage … capital (embodied technology) and non-vintage capital (disembodied technology) models have different convergence rates …
Persistent link: https://www.econbiz.de/10005498905
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Measuring the rate of technological progress in structures
Gort, Michael; Greenwood, Jeremy; Rupert, Peter - Federal Reserve Bank of Cleveland - 1998
An effort to measure technological progress in structures by using panel data on the age and rents of buildings in a vintage capital model, where buildings are replaced at some chosen periodicity. It finds that there has been significant technological advance in structures, which accounts for a...
Persistent link: https://www.econbiz.de/10005428395
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Size matters: "Over"investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
Persistent link: https://www.econbiz.de/10011350835
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Sunflower Management and Capital Budgeting
Boot, Arnoud W.A.; Milbourn, Todd T.; Thakor, Anjan V. - 2002
In organizations, ideas are often delegated for evaluation as a means of efficiently aggregating multiple information signals. However, those who delegate often find it impossible to separate the evaluation of the ideas they delegate from the evaluation of abilities of those delegated the task...
Persistent link: https://www.econbiz.de/10010324849
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Size Matters - 'Over'investments in a Relational Contracting Setting
Englmaier, Florian; Fahn, Matthias - 2018
The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...
Persistent link: https://www.econbiz.de/10011932927
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Financial considerations of South African companies making capital investments abroad : a theoretical and empirical study
Conrad, Adeeb - 2011
ENGLISH ABSTRACT: The increase in globalisation and integration of world financial markets has seen a significantenhancement in the amount in foreign investments. This coupled with the downfall of theapartheid regime has given rise to an opportunity for companies to diversify their investment...
Persistent link: https://www.econbiz.de/10009442026
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The effect of firm characteristics and economic factors on the capital structure of South African listed industrial firms
De Vries, Annalien - 2010
ENGLISH ABSTRACT: The objective of almost all firms should be to maximise the wealth of shareholders.To achieve this goal, firms should use an optimal combination of debt and equity,which will consequently result in the lowest weighted average cost of capital. Firmstherefore need to determine...
Persistent link: https://www.econbiz.de/10009442045
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An in-depth literary study of Tobin's Q ratio, free cash flow and the relationship that exists between Q and free cash flow
Van Eeden, Johannes Gerhardus - 2009
ENGLISH ABSTRACT: Tobin's q value is widely used by financial analysts as a performance indicator ratio. The market value of a firm over the replacement cost of fixed assets and inventory serves as an indication of whether value is created by investing internally in the firm, or whether value is...
Persistent link: https://www.econbiz.de/10009442060