Al-Eyd, Ali J. (contributor); Hall, Stephen G. (contributor) - 2006
market value of business firms. Setting corporate income, , equal
to profits minus wage labour,
t
V
tp
Y
,
)),((
tttt …
WLKFp − , we specify the market value of
business firms
10
1,
ˆ
1
1
)1(
+
⎟
⎟
⎠
⎞
⎜
⎜
⎝
⎛
+
+−=
tt
t
tppt
VEYtV
ρ …
, (5)
where is the (possibly non-rational) expected value of business firms made in
period t.
1
ˆ
+tt
VE
11 …