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with frictions in the adjustment of both capital and labor. We posit that hiring of labor is akin to investment in capital ….S. corporate sector data to estimate firms' optimal hiring and investment decisions and the consequences for firms' value. We then … investment and physical capital. We find that a conventional specification - quadratic adjustment costs for capital and no hiring …
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A new methodology for equity valuation arises from the perspective of managers' supply of capital assets. Under q-theory …, managers optimally adjust the supply of assets to changes in their market value. The first-order condition of investment then … the Tobin's q levels across many testing assets, including portfolios formed on q. With current investment-to-capital as …
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We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism...
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