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Investment Capital Market Imperfections And Uncertainty
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Book Synopsis Investment, Capital Market Imperfections, and Uncertainty by : Robert Lensink
Download or read book Investment, Capital Market Imperfections, and Uncertainty written by Robert Lensink and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an up-to-date overview of the theory as well as the empirics of the relationship between investment, financial imperfections and uncertainty. After reviewing the capital market imperfections literature and the empirical results, the authors discuss both traditional investment models with uncertainty and the more modern option based models. They present an overview of empirical results of the modelling of investment under uncertainty. In these examples the effects of capital market imperfections on investment are carefully considered. The authors conclude that there is overwhelming empirical support for a negative uncertainty-investment relationship. This book should appeal to academics with an interest in investment theory, professionals in the financial sector and students of macroeconomics and finance. "Investment, Capital Market Imperfections, and Uncertainty" assumes only a basic knowledge of mathematics and is easily accessible.
Book Synopsis Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republik by : R. Lensink
Download or read book Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republik written by R. Lensink and published by . This book was released on 1999 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republic by : Robert Lensink
Download or read book Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republic written by Robert Lensink and published by . This book was released on 1999 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Market Imperfections, Risk and Expected Returns by : Laxmi Chand Bhandari
Download or read book Capital Market Imperfections, Risk and Expected Returns written by Laxmi Chand Bhandari and published by . This book was released on 1984 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Under Uncertainty by : Gregory Keith Dow
Download or read book Investment Under Uncertainty written by Gregory Keith Dow and published by . This book was released on 1981 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: while under 'asymmetric information,' the firm's owner/entrepreneur has better knowledge of these parameters than any other economic agent.
Book Synopsis The Era of Uncertainty by : Francois Trahan
Download or read book The Era of Uncertainty written by Francois Trahan and published by John Wiley & Sons. This book was released on 2011-07-13 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic Investment Strategies for an Era of Economic Uncertainty “Over the years, François’ insightful analyses of the business cycle has led to market calls that have both benefitted investors on the upside and (more important to many) protected them from losses on the downside. François’ incredible track record in successfully interpreting the trends that can be found in leading indicators and other macroeconomic data have also led to his well deserved reputation as an expert in sector rotation - providing investors on both the long and short side of the market opportunities to profit from his ideas. In my opinion, his most important and influential macro prediction to date was his call in the middle of the last decade when he predicted that the worst housing crisis in American history would soon be upon us, and that it would have far-ranging implications for both the global economy and world financial markets.”
Book Synopsis Investment under Uncertainty by : Robert K. Dixit
Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Book Synopsis Firms' Investment and Finance Decisions by : Paul Butzen
Download or read book Firms' Investment and Finance Decisions written by Paul Butzen and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides coherent theoretical and empirical analysis of firms’ investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed.
Book Synopsis Capital Market Imperfections and Economic Development by : Vinayak Vijayshanker Bhatt
Download or read book Capital Market Imperfections and Economic Development written by Vinayak Vijayshanker Bhatt and published by . This book was released on 1979 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Market Imperfections and Corporate Investment Behaviour by : Olatundun Adelegan
Download or read book Capital Market Imperfections and Corporate Investment Behaviour written by Olatundun Adelegan and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Olatundun Janet Adelegan is a Professor of Economics with specialization in Financial Economics, Corporate Finance and Investments, Corporate governance and Control, Macroeconomics and Financial sector issues, Money and Capital Markets Development in Africa. She has 18 years work experience as a faculty in the University and 2 years in an International Organization. She has about 50 international research publications to her credit. She has also attended and presented papers at several International Conferences.
Book Synopsis Capital Market Imperfections and Investment by : Andrea Bettoni
Download or read book Capital Market Imperfections and Investment written by Andrea Bettoni and published by . This book was released on 2000 with total page 740 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital-Market Imperfections and Investment by : R. Glenn Hubbard
Download or read book Capital-Market Imperfections and Investment written by R. Glenn Hubbard and published by . This book was released on 2008 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, a number of researchers have extended conventional models of business fixed investment to incorporate a role for financial constraints' in determining investment. This paper reviews developments and challenges in this empirical research, and uses advances in models of information and incentive problems to motivate those developments and challenges. First, I describe analytical underpinnings of models of capital-market imperfections in the investment process, and illustrate the principal testable implications of those models. Second, I motivate tests and describe and critique existing empirical studies. Third, the review considers applications of the underlying models to a range of investment activities, including inventory investment, Ramp;D, employment demand, pricing by imperfectly competitive firms, business formation and survival, and risk management. Fourth, I discuss implications of this research program for analysis of effects of investment on monetary policy and tax policy. Finally, I examine some potentially fruitful avenues for future research.
Book Synopsis Corporate Investment Under Uncertainty, and the Neoclassical Model by : James L. Paddock
Download or read book Corporate Investment Under Uncertainty, and the Neoclassical Model written by James L. Paddock and published by Forgotten Books. This book was released on 2015-06-25 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Corporate Investment Under Uncertainty, and the Neoclassical Model Production decisions in neoclassical, certainty models of capital investment by firms have been the driving force behind current theoretical specifications of investment behavior. Often a specific form of the production technology is assumed. Recently the concept of costs of adjustment has been included in these models. When properly specified, this cost function yields a unique, optimum firm size (i.e., a determinate level of output and investment) and theoretically justifies the use of distributed lags in econometric analysis. This paper develops a more general model of production and investment decisions made in a world of uncertainty wherein firm values are determined in an explicit capital market. With less restrictive assumptions as to technology, and both with and without costs of adjustment, we derive theoretical results which are empirically identical to the earlier research described above. Thus we also bring into question which model the previous empirical analyses actually validated. Further, we show rigorously that the investment and output levels of a firm in our uncertain world, with non-competitive aspects of the capital market, will be strictly less than those in a certainty context. With a competitive capital market under uncertainty, however, investment and output levels are shown to equal those of a certain world. Jorgenson 19 presents an exhaustive treatment of the neoclassical model. Therefore, the results of our analysis are compared to his. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis Stochastic Capacity Investment and Flexible Versus Dedicated Technology Choice in Imperfect Capital Markets by : Onur Boyabatli
Download or read book Stochastic Capacity Investment and Flexible Versus Dedicated Technology Choice in Imperfect Capital Markets written by Onur Boyabatli and published by . This book was released on 2015 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the impact of endogenous credit terms under capital market imperfections in a capacity investment setting. We model a monopolist firm that decides on its technology choice (flexible versus dedicated) and capacity level under demand uncertainty. Differing from the majority of the stochastic capacity investment literature, we assume that the firm is budget-constrained and can relax its budget constraint by borrowing from a creditor. The creditor offers technology-specific loan contracts to the firm, after which the firm makes its technology choice and subsequent decisions. Capital market imperfections impose financing frictions on the firm. Our analysis contributes to the capacity investment literature by extending the theory of stochastic capacity investment and flexible versus dedicated technology choice to understand the impact of capital market imperfections, and by analyzing the impact of demand uncertainty (variability and correlation) on the operational decisions and the performance of the firm under different capital market conditions. We demonstrate that the endogenous nature of credit terms in imperfect capital markets may modify or reverse conclusions concerning capacity investment and technology choice obtained under the perfect market assumption and we explain why. The theory developed in this paper suggests some rules of thumb for the strategic management of the capacity and technology choice in imperfect capital markets.
Book Synopsis Effects of Capital Market Imperfections and Investor Utility Functions on the Market Price of Risk by : John A. McMahon
Download or read book Effects of Capital Market Imperfections and Investor Utility Functions on the Market Price of Risk written by John A. McMahon and published by . This book was released on 1973 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Market Imperfections and the Q-theory of Investment by : Jonathan A. Neuberger
Download or read book Capital Market Imperfections and the Q-theory of Investment written by Jonathan A. Neuberger and published by . This book was released on 1989 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Markets Integration, Volatility and Persistence by : Joshua Aizenman
Download or read book Capital Markets Integration, Volatility and Persistence written by Joshua Aizenman and published by . This book was released on 1995 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that volatility induces adverse first order welfare effects in countries excluded from the global capital market. This result is illustrated in a model characterized by gains from a greater division of activities, where shocks are persistent. We show that non-linearities attributed to financial autarky explain the adverse welfare effects of volatility. We identify the parameters determining the magnitude of the loss -- it is proportional to the autocorrelation of shocks, to volatility (as measured by the standard deviation of shocks), and to the degree of product differentiation (as measured by the substitutability among intermediate products).
