Similar Search Results

Firm Value and the mis-use of the CAPM for valuation and decision making

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005

and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents … disequilibrium NPV for decision-making is deductively drawn from the CAPM, its use for both valuation and decision should be rejected. …

Persistent link: https://www.econbiz.de/10005617129

Some considerations on equilibrium and realism

Sardoni, Claudio - In: Journal of Post Keynesian Economics 30 (2008) 3, pp. 485-490

For Lang and Setterfield (2006-7), economists should reject the traditional equilibrium approach for its unrealism. Their criticism of the mainstream equilibrium approach is correct, but they fail to stress that realism of the analysis, however, requires being concerned with equilibrium, seen as...

Persistent link: https://www.econbiz.de/10005750076

Learning competitive equilibrium in laboratory exchange economies

Crockett, Sean - In: Economic Theory 34 (2008) 1, pp. 157-180

Persistent link: https://www.econbiz.de/10005753443

Cross-section data, disequilibrium situations and estimated coefficients: evidence from car ownership demand

Matas, Anna; Raymond, Josep-Lluis - Xarxa de Referència en Economia Aplicada (XREAP) - 2007

The objective of this paper is to analyse to what extent the use of cross-section data will distort the estimated elasticities for car ownership demand when the observed variables do not correspond to a state equilibrium for some individuals in the sample. Our proposal consists of approximating...

Persistent link: https://www.econbiz.de/10005558061

Amending the Resource-based view of Strategic Management from an Entrepreneurial Perspective

Tokuda, Akio - Henley Business School, University of Reading - 2004

The purpose of this paper is to amend the resource-based view of strategic management from an entrepreneurial point of view. We firstly attempt to make a brief survey of the conceptual framework of the RBV by contrasting it with the competitive forces approach (CFA) presented by Porter (1980)....

Persistent link: https://www.econbiz.de/10005558355

Inflation as restructuring. A theoretical and empirical account of the U.S. experience

Nitzan, Jonathan - Volkswirtschaftliche Fakultät, … - 1992

This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...

Persistent link: https://www.econbiz.de/10005789620

A multi-agent growth model based on the von Neumann-Leontief framework

Li, Wu - Volkswirtschaftliche Fakultät, … - 2008

This paper presents a discrete-time growth model to describe the dynamics of a multi-agent economy, and the model consists of production process, exchange process, price and technology adjustment processes etc. Technologies of agents in each period are represented by a technology matrix pair,...

Persistent link: https://www.econbiz.de/10005789641

International Capital Crunches: The Time-Varying Role of Informational Asymmetries

Mody, Ashoka; Taylor, Mark P - C.E.P.R. Discussion Papers - 2003

disequilibrium econometric framework in which the supply and demand for capital are not necessarily equal, and the actual amount of …

Persistent link: https://www.econbiz.de/10005792038

The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies

Portes, Richard - C.E.P.R. Discussion Papers - 1986

empirical investigation, and generated several important spinoffs: work on planners' behaviour; insights into CPE policy … market economy macro theory and econometrics. The quantity-rationing macro model and disequilibrium econometrics give a more …

Persistent link: https://www.econbiz.de/10005792184

Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

) CAPM capital budgeting decision-making based on disequilibrium NPV is deductively inferred by the Capital Asset Pricing … Model, (ii) the use of the disequilibrium NPV is widespread in finance both as a decision rule and as a valuation tool, (iii …) the disequilibrium NPV does not guarantee additivity nor consistency with arbitrage pricing, so that it is unreliable for …

Persistent link: https://www.econbiz.de/10005836868