Showing 71 - 80 of 105,499
We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor...
Persistent link: https://www.econbiz.de/10005031950
We use business register data for the United Kingdom to document the importance of the different channels that firms use to adjust their size. We show how the choice of adjustment channel impacts upon firm-level variables such as wages or productivity.
Persistent link: https://www.econbiz.de/10010597222
:This article treats the correlation between the investment projects and financing difficulties in a vicious circle … negotiation between the economic boom and the financial imbalances. Secondly, the investment decisions should be close connected …
Persistent link: https://www.econbiz.de/10008862622
We investigate the potential for statistical forecasting of aggregate oil and gas investment on the Norwegian … random walk benchmark in an out-of-sample environment. Second, lags of investment growth, crude oil price growth and realized … volatility is found to be adequate predictors for the investment growth. Finally, there is a clear benefit from re-estimating the …
Persistent link: https://www.econbiz.de/10011544319
We examine whether capital flows more to high Tobin's q industries and find that it flows more to high q industries from 1971 until 1996 but not from 1997 to 2014. This change is due to a decrease in the q-sensitivity of equity funding resulting mostly from the increased q-sensitivity of...
Persistent link: https://www.econbiz.de/10011969138
We present evidence that referenda have a significant, detrimental outcome on investment. Employing an unsupervised … policy-related uncertainty. Examining the relationship of these indices with investment on a longitudinal panel of 3 … uncertainty to investment. Our preferred specification suggests that a one standarddeviation increase in Brexit uncertainty …
Persistent link: https://www.econbiz.de/10012212854
The real options tradition originally predicted a decreasing relationship between uncertainty and investment, through … probability is not the best measure of investment. The sign of the total effect is again ambiguous. This ambiguity is illustrated …
Persistent link: https://www.econbiz.de/10010320899
known as intangibles, suggest that their share in overall investment has grown considerably. Still, intangible investment is … rarely present in investment models. In this paper, I extend the q-theory of investment to model explicitly the decision of … movements in the measurement of the contribution of each type of investment to the overall capital stock. In particular, given …
Persistent link: https://www.econbiz.de/10003919317
In this paper we study a continuous time, optimal stochastic investment problem under limited resources in a market … with N firms. The investment processes are subject to a time-dependent stochastic constraint. Rather than using a dynamic …)]. -- stochastic irreversible investment ; optimal stopping ; the Bank and El Karoui Representation Theorem ; base capacity ; Lagrange …
Persistent link: https://www.econbiz.de/10009511650
Private investment in advanced economies contracted sharply during the most recent financial crisis. Using firm …, contributed to the reduction in investment during the crisis, in particular for small and medium-sized enterprises. The … is most clear in industries in which firms decreased their aggregate investment most during the downturn, and it cannot …
Persistent link: https://www.econbiz.de/10010531925