The Relation Between Form Growth and Q with Multiple Capital Goods PDF Download

Author: Fumio Hayashi
Publisher:
ISBN:
Category :
Languages : en
Pages : 52

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Author: Kazumi Asako
Publisher: Springer Nature
ISBN: 9811529817
Category : Business & Economics
Languages : en
Pages : 184

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Book Description
In this book, a framework of the investment function is developed that allows for the heterogeneity of capital goods, i.e., the Multiple q model, and investment behavior in Japan by employing this Multiple q framework is developed. The standard approach to investment behavior is Tobin's q theory in which the investment rate is a linear function of only the q ratio, or a firm's market value measured by its capital goods. As is well known, however, its empirical performance has been almost universally unsatisfactory. Thus the development of a new framework. The authors inquire into and statistically test null hypotheses set on such issues as (a) heterogeneity of multiple capital goods, (b) non-convex adjustment costs to inspire lumpy investment, (c) differences in the adjustment costs in accumulating capital stock through new purchases, second-hand market acquisitions, and large-scale repairs, and (d) capital market imperfections. The test results show that, irrespective of the time period, firms’ size, and the industry to which firms belong, (a) multiple capital goods are not homogeneous, (b) some firms face adjustment cost structures that eventually lead to occasional lumpy investment, (c) the method of acquiring investment matters in accumulating capital stock, and (d) capital market imperfections would constrain some lumpy investment. This book is published in cooperation with the Research Institute of Capital Formation, Development Bank of Japan.

Author: Yong Sarah Zhou
Publisher: International Monetary Fund
ISBN: 147553373X
Category : Business & Economics
Languages : en
Pages : 25

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The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis.

Author: Sophia Chen
Publisher: International Monetary Fund
ISBN: 1498347835
Category : Business & Economics
Languages : en
Pages : 53

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We propose a tax-adjusted q model with physical and intangible assets and estimate it with a self-collected comprehensive database of intangible assets. The presence of intangibles changes the accounting and economic measures of q. We show that when tax changes are temporary, the q model can be estimated by adjusting for the firm’s intangible stock and intangible intensity. We estimate our model using temporary investment tax incentive policies in the United States in the early 2000s. When the q-model accounts for intangible assets, the estimated investment elasticity to tax incentives is generally larger than otherwise. It is also larger for intangible-intensive firms, and increases with firm size.

Author: Robert Dekle
Publisher: Routledge
ISBN: 1134793138
Category : Business & Economics
Languages : en
Pages : 99

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Book Description
Japan's savings are among the highest in the world, and these high rates have played a valuable role throughout the post-war period. However, over the next several decades, Japan's population will be ageing rapidly. Will this lower Japanese savings rates? Using up-to-date financial and demographical data, author Robert Dekle finds that the answer to this question is an emphatic 'yes'. Understanding Japanese Saving holds key lessons for Western nations undergoing similar demographic transformations as well as developing countries looking to establish public savings institutions.

Author: Joseph Fan
Publisher: Routledge
ISBN: 1134352638
Category : Business & Economics
Languages : en
Pages : 408

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Book Description
This collection discusses the role of financial institutions and markets in East Asian and Japan, corporate governance and new technology and how to redesign the East Asian and Japanese financial systems.

Author: James Joseph Heckman
Publisher: Elsevier
ISBN: 0444506314
Category : Econometrics
Languages : en
Pages : 1013

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Book Description
As conceived by the founders of the Econometric Society, econometrics is a field that uses economic theory and statistical methods to address empirical problems in economics. It is a tool for empirical discovery and policy analysis. The chapters in this volume embody this vision and either implement it directly or provide the tools for doing so. This vision is not shared by those who view econometrics as a branch of statistics rather than as a distinct field of knowledge that designs methods of inference from data based on models of human choice ...

Author: Luis Serven
Publisher: World Bank Publications
ISBN:
Category : Bienes de capital
Languages : en
Pages : 33

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Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 64

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Author: World Intellectual Property Organization
Publisher: WIPO
ISBN:
Category : Law
Languages : en
Pages : 78

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Book Description
The paper looks at brands from an economic point of view. It defines concepts; analyzes the conditions under which brands are long-lived productive assets and contribute to economic growth; and reviews the measurement of investment in brands. It finds that a productive role for brands is consistent with assumptions used in the economic analysis of innovation. Finally it offers an analysis of economic development that suggests branding rises with growth.