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Capital Budgeting vs. Market Timing : An Evaluation Using Demographics

Della Vigna, Stefano - 2010

An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is finding distinct exogenous proxies for investment opportunities and mispricing. We use demand shifts induced by demographics to address this problem, and hence, provide a more...

Persistent link: https://www.econbiz.de/10013152090

Do We Need CAPM for Capital Budgeting?

Meier, Iwan - 2003

A key input to the capital budgeting process is the cost of capital. Financial managers most often use the CAPM for estimating the cost of capital for which they need to know the market risk premium. Textbooks advocate using the historical value for the U.S. equity premium as the market risk...

Persistent link: https://www.econbiz.de/10012786910

Investor Sentiment and Corporate Finance : Micro and Macro

Lamont, Owen A. - 2006

We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...

Persistent link: https://www.econbiz.de/10012783338

Property Rights to Frontier Land and Minerals : Us Exceptionalism

Libecap, Gary D. - 2018

Property rights are the most fundamental institution in any society. They determine who has decision-making authority … historians have long recognized the importance of secure property rights for economic outcomes. Other political economy …, philosophy, historical, and legal literatures emphasize different, but critical attributes based on how property rights are …

Persistent link: https://www.econbiz.de/10012920373

Who's Paying Attention? Measuring Common Ownership and its Impact on Managerial Incentives

Gilje, Erik P. - 2019

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to internalize externalities. A key feature of the measure is that it allows for the possibility that not all investors are attentive to whether a manager's actions benefit the...

Persistent link: https://www.econbiz.de/10012890898

State Versus Private Ownership

Shleifer, Andrei - 2021

addressed through government contacting and regulation without resort to government ownership. The case for private provision …

Persistent link: https://www.econbiz.de/10013239155

Hold-Up, Asset Ownership, and Reference Points

Hart, Oliver D. - 2010

We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging...

Persistent link: https://www.econbiz.de/10012759758

On the Ends of the State : Stationary Bandits and the Time Horizon in Eastern Congo

Henn, Soeren J.; Mugaruka, Christian; Ortiz, Miguel; … - 2022

armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and … violently expropriating the same villages. The findings suggest that the security of property rights over stealing, hence the …

Persistent link: https://www.econbiz.de/10014264760

Religious Competition and Reallocation : The Political Economy of Secularization in the Protestant Reformation

Cantoni, Davide - 2017

Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts...

Persistent link: https://www.econbiz.de/10012945605

Federal Lands, Opportunity Costs, and Bureaucratic Management

Libecap, Gary D. - 2018

The federal government owns and administers 472, 892,659 acres or 21% of the land area of the lower US, making it both … the country's largest land owner and among the largest by a central government among western democracies. This condition … is surprising, given that the US generally is viewed as more oriented toward private property rights and markets. The …

Persistent link: https://www.econbiz.de/10012916622