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Fundamentals, misvaluation, and business investment
Does stock market misvaluation affect business fixed investment? To answer this question, we provide evidence based on U.S. firm-level panel data. We examine the orthogonality conditions for the investment Q and Euler equations, and our qualitative tests reject the null hypothesis that investment is unaffected by misvaluation (this result is not driven exclusively by the late 1990s). To measure the quantitative effects on investment, we introduce a measure of misvaluation into standard investment equations. Our estimates imply that a one-standard-deviation increase in misvaluation increases investment between 20% and 60% relative to the mean level of investment in the sample..Printed journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JMCB4307 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : The Ohio State University |
|---|---|
| Edisi | - |
| Subjek | Investments Valuation Securities Markets Standard deviation studies Eulers equations |
| ISBN/ISSN | 222879 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |