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Patents, R and D, and the Stock Market Rate of Return
Pakes, Ariel - 2021
.S. Patent Office's data base to identify when and where changes in inventive output have occurred. The model assumes a firm … stock market that evaluates this expectation at different dates (it is a version of the Lucas-Prescott, 1971, investment …
Persistent link: https://www.econbiz.de/10013245544
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A Theory of Firm Characteristics and Stock Returns : The Role of Investment-Specific Shocks
Kogan, Leonid - 2012
firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … strips. Our model delivers testable predictions about the behavior of firm-level real variables - investment and output …
Persistent link: https://www.econbiz.de/10013107998
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Innovative efficiency and stock returns : should we care about nonlinearity?
Basse Mama, Houdou - In: Finance research letters 24 (2018), pp. 81-89
Persistent link: https://www.econbiz.de/10011982471
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The Stock Market Valuation of Research and Development Expenditures
Chan, Louis K.C; Lakonishok, Josef; Sougiannis, Theodore - 2021
We examine whether stock prices fully reflect the value of firms' intangible assets, focusing on research and development (R&D). Since intangible assets are not reported on financial statements under current U.S. accounting standards and R&D spending is expensed, the valuation problem may be...
Persistent link: https://www.econbiz.de/10013211643
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The general structure of optimal investment and consumption with small transaction costs
Kallsen, Jan; Muhle-Karbe, Johannes - In: Mathematical finance : an international journal of … 27 (2017) 3, pp. 659-703
Persistent link: https://www.econbiz.de/10011764966
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Security Analysis : An Investment Perspective
Hou, Kewei - 2020
The investment theory, in which the expected return varies cross-sectionally with investment, expected profitability …
Persistent link: https://www.econbiz.de/10012823391
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Investment timing with information-processing constraints
Mu, Congming; Yang, Jinqiang; Zhang, Yuhua - In: Finance research letters 32 (2020), pp. 1-6
Persistent link: https://www.econbiz.de/10012430730
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Consumption and Portfolio Choice with Option-Implied State Prices
Ait-Sahalia, Yacine - 2008
We propose an empirical implementation of the consumption-investment problem using the martingale representation … simplifies the investor's task of specifying the investment opportunity set and inherits the computational convenience of the …
Persistent link: https://www.econbiz.de/10012772381
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Optimal investment and financing with a bank-tax-interaction
Chen, Biao; Yang, Jinqiang - In: Finance research letters 35 (2020), pp. 1-8
Persistent link: https://www.econbiz.de/10012438331
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Financial Market Shocks and the Macroeconomy
Subrahmanyam, Avanidhar - 2013
Feedback from stock prices to cash flows occurs because information revealed by firms' stock prices influences the actions of competitors. We explore the implications of feedback within a noisy rational expectations setting with incumbent publicly traded firms and privately held new entrants. In...
Persistent link: https://www.econbiz.de/10013076911