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Which Firms Follow The Market An Analysis Of Corporate Investment Decisions
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Book Synopsis Which Firms Follow the Market? An Analysis of Corporate Investment Decisions by : Tor-Erik Bakke
Download or read book Which Firms Follow the Market? An Analysis of Corporate Investment Decisions written by Tor-Erik Bakke and published by . This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do firms extract information from their own stock prices when making investment decisions? To answer this question, we use and extend an econometric errors-in-variables remedy, which is appropriate because movements in the stock price in which the manager takes little interest can be treated econometrically as measurement error. We find that firm investment does not respond to measures of stock-market mispricing. Investment does respond to legitimate information in price movements, but only for firms that rely on outside equity financing and whose shares are not mispriced. Interestingly, these firms' behavior changed only little during the late 1990s.
Book Synopsis Irreversibility, Uncertainty, and Investment by : Robert S. Pindyck
Download or read book Irreversibility, Uncertainty, and Investment written by Robert S. Pindyck and published by World Bank Publications. This book was released on 1989 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.
Book Synopsis Handbook of the Economics of Finance by : G. Constantinides
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Book Synopsis the investment decisions of firms by : S. J. Nickell
Download or read book the investment decisions of firms written by S. J. Nickell and published by CUP Archive. This book was released on with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economics for Investment Decision Makers by : Christopher D. Piros
Download or read book Economics for Investment Decision Makers written by Christopher D. Piros and published by John Wiley & Sons. This book was released on 2013-03-05 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics background investors need to interpret global economic news distilled to the essential elements: A tool of choice for investment decision-makers. Written by a distinguished academics and practitioners selected and guided by CFA Institute, the world’s largest association of finance professionals, Economics for Investment Decision Makers is unique in presenting microeconomics and macroeconomics with relevance to investors and investment analysts constantly in mind. The selection of fundamental topics is comprehensive, while coverage of topics such as international trade, foreign exchange markets, and currency exchange rate forecasting reflects global perspectives of pressing investor importance. Concise, plain-English introduction useful to investors and investment analysts Relevant to security analysis, industry analysis, country analysis, portfolio management, and capital market strategy Understand economic news and what it means All concepts defined and simply explained, no prior background in economics assumed Abundant examples and illustrations Global markets perspective
Book Synopsis Company Investment Decisions and the Market Value of the Firm by : Edward Anthony Eton Jones
Download or read book Company Investment Decisions and the Market Value of the Firm written by Edward Anthony Eton Jones and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investing for Productivity and Prosperity by :
Download or read book Investing for Productivity and Prosperity written by and published by National Academies. This book was released on 1994 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Brand Relevance written by David A. Aaker and published by John Wiley & Sons. This book was released on 2011-01-25 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Branding guru Aaker shows how to eliminate the competition and become the lead brand in your market This ground-breaking book defines the concept of brand relevance using dozens of case studies-Prius, Whole Foods, Westin, iPad and more-and explains how brand relevance drives market dynamics, which generates opportunities for your brand and threats for the competition. Aaker reveals how these companies have made other brands in their categories irrelevant. Key points: When managing a new category of product, treat it as if it were a brand; By failing to produce what customers want or losing momentum and visibility, your brand becomes irrelevant; and create barriers to competitors by supporting innovation at every level of the organization. Using dozens of case studies, shows how to create or dominate new categories or subcategories, making competitors irrelevant Shows how to manage the new category or subcategory as if it were a brand and how to create barriers to competitors Describes the threat of becoming irrelevant by failing to make what customer are buying or losing energy David Aaker, the author of four brand books, has been called the father of branding This book offers insight for creating and/or owning a new business arena. Instead of being the best, the goal is to be the only brand around-making competitors irrelevant.
Book Synopsis Market Liquidity by : Thierry Foucault
Download or read book Market Liquidity written by Thierry Foucault and published by Oxford University Press. This book was released on 2023 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--
Book Synopsis Bubbles and Contagion in Financial Markets, Volume 1 by : E. Porras
Download or read book Bubbles and Contagion in Financial Markets, Volume 1 written by E. Porras and published by Springer. This book was released on 2016-06-29 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the formation of bubbles and the contagion mechanisms afflicting financial markets is a must as extreme volatility events leave no market untouched. Debt, equity, real estate, commodities... Shanghai, NY, or London: The severe fluctuations, explained to a large extent by contagion and the fear of new bubbles imploding, justify the newly awaken interest in the contagion and bubble dynamics as yet again the world brazes for a new global economic upheaval. Bubbles and Contagion in Financial Markets explores concepts, intuition, theory, and models. Fundamental valuation, share price development in the presence of asymmetric information, the speculative behavior of noise traders and chartists, herding and the feedback and learning mechanisms that surge within the markets are key aspects of these dynamics. Bubbles and contagion are a vast world and fascinating phenomena that escape a narrow exploration of financial markets. Hence this work looks beyond into macroeconomics, monetary policy, risk aggregation, psychology, incentive structures and many more subjects which are in part co-responsible for these events. Responding to the ever more pressing need to disentangle the dynamics by which financial local events are transmitted across the globe, this volume presents an exhaustive and integrative outlook to the subject of bubbles and contagion in financial markets. The key objective of this volume is to give the reader a comprehensive understanding of all aspects that can potentially create the conditions for the formation and bursting of bubbles, and the aftermath of such events: the contagion of macro-economic processes. Achieving a better understanding of the formation of bubbles and the impact of contagion will no doubt determine the stability of future economies – let these two volumes be the starting point for a rational approach to a seemingly irrational phenomena.
Book Synopsis Mispricing of Stocks and Firm Investment in Competitive Industries. How Do They Influence Each Other? by : Jonas Junk
Download or read book Mispricing of Stocks and Firm Investment in Competitive Industries. How Do They Influence Each Other? written by Jonas Junk and published by GRIN Verlag. This book was released on 2020-05-20 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2017 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1.3, University of Münster, language: English, abstract: The existing research focuses on two channels how stock (mis-)pricing influences firm investment. On the one hand, the informational role of prices is examined. The general conclusion shared by many papers is as follows: managers learn from high prices that the aggregated opinion of investors sees promising investment opportunities. Hence, decision makers invest because they either learn from actual new information or they want to cater the investors and keep the stock prices high because of personal incentives. On the other hand, the financing role of equity is investigated. Many papers come to the same conclusion. Mispriced stocks are equal to misvalued eq-uity. Consequently, if stocks are overpriced the cost of financing through issuance of new shares declines. If the cost of financing declines, more in-vestment opportunities seem to be promising. Therefore, the firm’s investment activity increases. Additionally, third parties and potential debt lenders like banks evaluate the firm based on the stock performance amongst other aspects. If the stock price is high banks are more likely to issue credit and reduce their demands concerning the terms of debt (e.g. decrease inter-est rate). This is particularly important for financially constrained firms which are only able to invest in new projects if they are able to raise capital on their own. By following the approach of Polk and Sapienza (2009, pp. 191-194), my thesis examines if the relation of firm investment to stock mispricing is influenced by market concentration. At first, I regress firm investment on mispricing, investment opportunities and cash flow proxies on my whole sample. Afterwards I build sub samples based on market concentration and conduct the same regression on those sub samples again. Thereby, my re-search adds the dimension of market competition to the existing research. The thesis is organized as follows. In section 2 I briefly sum up the status quo in terms of research on the relation between mispricing and investment behavior. I state and explain my hypotheses in my third chapter. Following the explanations, I describe the data and methodology further in section 4. After evaluating my empirical results and documenting my robustness tests in section 5, I present my conclusions in chapter 6.
Book Synopsis Proceedings of the Fifteenth International Conference on Management Science and Engineering Management by : Jiuping Xu
Download or read book Proceedings of the Fifteenth International Conference on Management Science and Engineering Management written by Jiuping Xu and published by Springer Nature. This book was released on 2021-07-15 with total page 869 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers the proceedings of the fifteenth International Conference on Management Science and Engineering Management (ICMSEM 2021) held on August 1-4, 2021, at the University of Castilla-La Mancha (UCLM), Toledo, Spain. The proceedings contains theoretical and practical research of decision support systems, complex systems, empirical studies, sustainable development, project management, and operation optimization, showing advanced management concepts and demonstrates substantial interdisciplinary developments in MSEM methods and practical applications. It allows researchers and practitioners in management science and engineering management (MSEM) to share their latest insights and contribution. Meanwhile, it appeals to readers interested in these areas, especially those looking for new ideas and research directions.
Author :Frederick T. Knickerbocker Publisher :Division of Research Graduate School of Business Administrat ISBN 13 : Total Pages :266 pages Book Rating :4.3/5 (97 download)
Book Synopsis Oligopolistic Reaction and Multinational Enterprise by : Frederick T. Knickerbocker
Download or read book Oligopolistic Reaction and Multinational Enterprise written by Frederick T. Knickerbocker and published by Division of Research Graduate School of Business Administrat. This book was released on 1973 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study of the role of USA-based multinational enterprises, maintaining that the propensity for foreign investment was grounded largely in interdependent behaviour among firms in each industry ('oligopolistic reaction') - covers the industrial structure of the USA, industrial concentration, competition, profitability of American firms, etc., and includes the research methodology. Bibliography pp. 227 to 232, references and statistical tables.
Book Synopsis Essays on Mergers & Acquisitions and Corporate Investment by : Sangwon Lee
Download or read book Essays on Mergers & Acquisitions and Corporate Investment written by Sangwon Lee and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on mergers and acquisitions (M&As) and corporate investment. In the first essay, I examine the divergence of investor opinions about target firm values after the announcement of M&A deals ("investor disagreement"). I create three measures of investor disagreement using the target firm's trading volume, bid-ask spread, and stock return volatility during a two-week window following a deal announcement. I find that investor disagreement is positively associated with deal complexity, and negatively with the offer premium. Deals with larger investor disagreement are more likely to be renegotiated, to feature slower completion time, and to fail, even after controlling for announcement returns and merger arbitrage spreads. Consistent with the divergence of opinion theory, a trading strategy that invests in target firms with low investor disagreement yields positive abnormal returns. Overall, my results highlight the importance of investor disagreement in predicting M&A outcomes. The second essay shows that M&A deals that are announced when the bidder's relative value (ratio of bidder's equity value to target's equity value) is closer to its 52-week high feature higher offer premium, lower (higher) announcement returns for the bidding (target) firm, and are more likely to fail, all else equal. Yet, bidders in such deals also experience large abnormal returns in the two-year period surrounding the announcement. Our results suggest that bidders strategically choose announcement timing to exploit relative misvaluation, and cast doubt on the idea that announcement returns represent the gains to long-term shareholders of bidding firms. In the third essay, I examine how the effect of uncertainty on capital investment varies between focused firms and conglomerate segments. One of the advantages of conglomeration is that segments have access to the conglomerate's internal capital market and are thus less likely to be financially constrained. Consistent with the idea that uncertainty exacerbates financial frictions, I find that industry-level uncertainty has a negative effect on the investment of focused firms but has no statistically significant effect on the investment of conglomerate segments. Further analysis suggests that corporate diversification may improve the efficiency of capital investment decisions under uncertainty.
Book Synopsis Short Introduction to Corporate Finance by : Raghavendra Rau
Download or read book Short Introduction to Corporate Finance written by Raghavendra Rau and published by Cambridge University Press. This book was released on 2017-01-11 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Short Introduction to Corporate Finance provides an accessibly written guide to contemporary financial institutional practice. Rau deploys both his professional expertise and experience of teaching MBA and graduate-level courses to produce a lively discussion of the key concepts of finance, liberally illustrated with real-world examples. Built around six essential paradigms, he builds an integrated framework covering all the major ideas in finance over the past half-century. Ideal for students and practitioners alike, it will become core reading for anyone aspiring to become an effective manager.
Book Synopsis Corporate Finance and Investment by : Richard Pike
Download or read book Corporate Finance and Investment written by Richard Pike and published by Financial Times/Prentice Hall. This book was released on 2012-02-01 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt: This package includes a physical copy of Corporate Finance and Investment: Decisions and Strategies, 7/e by Richard Pike, Bill Neale and Philip Linsley, as well as access to the eText and MyFinanceLab. Corporate Finance and Investments, now in its seventh edition, is a popular and well-regarded text for students of corporate finance. The text takes a practical approach, focusing on the strategic issues of finance in a business setting. With clear and accessible language and an international perspective, the seventh edition will provide students with both essential knowledge of corporate finance and the tools to apply it.
