Optimal Investment, Growth Options and Security Returns

An explicit expression for a firm's expected return is developed in a dynamic model of investment at the firm level. Each period, the firm has an option to invest. Past investment decisions account for the firm's existing asset base which is assumed

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Authors:	Berk, Jonathan ; Green, Richard C. ; Naik, Vasant
Institutions:	Carnegie Mellon University, Tepper School of Business

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Series:	GSIA Working Papers.
Type of publication:	Book / Working Paper
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005102255