Institutions and Corporate Investment: Evidence from Investment-Implied Return on Capital in China
نویسندگان
چکیده
منابع مشابه
Institutions and Corporate Investment: Evidence from Investment-Implied Return on Capital in China∗
We assess the impact of institutions on Chinese firms’ corporate investment in an investment Euler equation framework. We allow the variables measuring institutions to affect the rate at which firm managers discount future investment payoffs. Applying generalized method of moments estimators to large samples of Chinese firms, we estimate the stochastic discount rates derived from actual investm...
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.............................................................................. I AKNOWLEDGEMENTS ................................................................II TABLE OF CONTENTS................................................................IV ABBREVIATION LIST ..................................................................IX FIGURES .........................................................
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2011
ISSN: 0022-1090,1756-6916
DOI: 10.1017/s0022109011000494