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Why Did the q Theory of Investment Start Working?
Journal of Financial Economics, 2018We show that the relation between aggregate investment and Tobin’s q has become remarkably tight in recent years, contrasting with earlier times. We connect this change with the growing empirical dispersion in Tobin’s q, which we show both in the cross ...
D. Andrei, W. Mann, N. Moyen
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“q” and the Theory of Investment
The Journal of Finance, 1979reproducible real capital assets to the replacement costs of these assets.3 Straightforward application of this concept parallels that of use of neoclassical theory, with investment being made a function of marginal "q." Such functions are a simplistic approximation to asset portfolio selection principles, balancing expected returns, variances and ...
Fromm, Gary, Ciccolo, John
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2011
So there you are on the couch watching TV when an Oreo® cookie ad activates in you a desire to get a glass of milk. It has been a long day, and you are feeling a little spent. A small calculation takes place—almost subconsciously—as you decide whether it is worth the effort to get up and pour yourself a glass. Finally, the thirst wins out.
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So there you are on the couch watching TV when an Oreo® cookie ad activates in you a desire to get a glass of milk. It has been a long day, and you are feeling a little spent. A small calculation takes place—almost subconsciously—as you decide whether it is worth the effort to get up and pour yourself a glass. Finally, the thirst wins out.
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2002
Probably the most basic tenet of quantitative investments is the efficient markets hypothesis, or EMH, which says that the price of an asset incorporates all information currently known about it. The fact that different assets have different expected returns reflects only the fact that some are riskier than others, as investors demand a higher expected
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Probably the most basic tenet of quantitative investments is the efficient markets hypothesis, or EMH, which says that the price of an asset incorporates all information currently known about it. The fact that different assets have different expected returns reflects only the fact that some are riskier than others, as investors demand a higher expected
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1989
Investment is the engine of a capitalist economy. Replacement investment is the most important component of investment. In Hayek’s words: The essential characteristic of capital, and one which affects the current input, is that it needs replacement and in consequence leads to investment. This in turn leads to the creation of new capital, but once this
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Investment is the engine of a capitalist economy. Replacement investment is the most important component of investment. In Hayek’s words: The essential characteristic of capital, and one which affects the current input, is that it needs replacement and in consequence leads to investment. This in turn leads to the creation of new capital, but once this
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Modern Theories of Investment Pricing
1984Methods of fundamental analysis, such as that explained in chapter 6, which attempt to assess the intrinsic worth of a security and therefore identify underpriced or overpriced stock, have increasingly been criticised as irrelevant and a waste of time.
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Investment Theories and Applications
Financial Analysts Journal, 1960Is it possible for investors to formulate a theory of investing? Is there a way of rationalizing the investment process to reduce to a manageable level the flow of services, newspapers, articles and plethora of corporate detail apparently so necessary to investment decisions?
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1975
Keynes characterized his contribution as “a theory of why output and employment are so liable to fluctuation” (QJE, p. 221). In the “pure” theory, where government and foreign demand are ignored, employment depends upon consumption and investment demand. Consumption demand is passive, as it “depends mainly on the level of income” (QJE, p. 219), that is,
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Keynes characterized his contribution as “a theory of why output and employment are so liable to fluctuation” (QJE, p. 221). In the “pure” theory, where government and foreign demand are ignored, employment depends upon consumption and investment demand. Consumption demand is passive, as it “depends mainly on the level of income” (QJE, p. 219), that is,
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Dynamic Agency and Investment Theory Under Model Uncertainty
, 2019Yingjie Niu, Jinqiang Yang, Zhentao Zou
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