On the long-run equilibrium value of Tobin's average Q
نویسندگان
چکیده
منابع مشابه
On the long - run equilibrium value of Tobin ' s average
This note considers Tobin’s average Q in a framework where firms finance investment by equities and debt. The determination of its long-run equilibrium value Qo is based on positing equality of the loan rate and, adjusted for a risk premium, the return on equities. Qo can thus be characterized as a ratio of two rates representing the somewhat modified interest costs and profits of the firms. Th...
متن کاملThe Long Run Impact of Technology Diffusion on Average Cost in Upstream Oil Industry; Case Stud of Iran
Literature review related to nonrenewable resources shows that technological improvements have considerable effects on resource depletion and decreasing operational cost. Therefore it is assumed that technology is the most important and influential variables in the production function and utilization cost of these resources. In this study, we assess the long term effect of technology diffusion...
متن کاملReinforcement learning for long-run average cost
A large class of sequential decision-making problems under uncertainty can be modeled as Markov and Semi-Markov Decision Problems, when their underlying probability structure has a Markov chain. They may be solved by using classical dynamic programming methods. However, dynamic programming methods suffer from the curse of dimensionality and break down rapidly in face of large state spaces. In a...
متن کاملSieve bootstrap t-tests on long-run average parameters
Panel estimators can provide consistent measures of a long-run average parameter even if the individual regressions are spurious. However, the t-test on this parameter is fraught with problems because the limit distribution of the test statistic is non-standard and rather complicated, particularly in panels with mixed (non-)stationary errors. A sieve bootstrap framework is suggested to approxim...
متن کاملEvidence on Whether Adjustment to Long - Run Equilibrium is Asymmetric
The Enders and Granger (1998) unit-root test against stationary alternatives with asymmetric adjustment is applied to the extended Nelson and Plosser dataset. The test rejects the unit-root null roughly as frequently as does the ADF test. JEL Classification C32, E32 * Correspondence: Philip Rothman Department of Economics East Carolina University Greenville, NC 27858 Phone: 252-328-6151 Fax: 25...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: European Journal of Economics and Economic Policies: Intervention
سال: 2016
ISSN: 2052-7764,2052-7772
DOI: 10.4337/ejeep.2016.01.09