أعرض تسجيلة المادة بشكل مبسط

dc.creator Tomat, Gian Maria
dc.date 2008
dc.date.accessioned 2013-10-16T06:57:58Z
dc.date.available 2013-10-16T06:57:58Z
dc.date.issued 2013-10-16
dc.identifier Economics: The Open-Access, Open-Assessment E-Journal 2 2008-9 1-26 doi:10.5018/economics-ejournal.ja.2008-9
dc.identifier doi:10.5018/economics-ejournal.ja.2008-9
dc.identifier http://hdl.handle.net/10419/18022
dc.identifier ppn:560131992
dc.identifier http://www.economics-ejournal.org/economics/journalarticles/2008-9
dc.identifier RePEc:zbw:ifweej:7126
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18022
dc.description The paper develops a model of firm´s investment under uncertainty with financial market imperfections and analyzes the effects of financial constraints on firm´s investment. Firm´s investment is an increasing function of the firm´s marginal q, however the investment function is characterized by an upper bound that depends on the firm´s borrowing capabilities. The firm´s marginal q is the sum of the expected value of the marginal profitability of the physical capital stock and of a positive external finance premium. In the presence of financial market imperfections the firm forms expectations about future financial conditions and these expectations raise the firm´s current marginal q. Similarly, the shadow price of firm´s debt is the sum of the interest cost of debt repayment and of a provision for external finance that depends on the firm´s expectations over future financial conditions.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation economics - The Open-Access, Open-Assessment E-Journal 2008-9
dc.rights http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
dc.subject E22
dc.subject D92
dc.subject ddc:330
dc.subject Firm´s investment
dc.subject financial constraints
dc.subject Tobin´s marginal q
dc.subject uncertainty
dc.subject Investition
dc.subject Entscheidung bei Unsicherheit
dc.subject Finanzmarkt
dc.subject Unvollkommener Markt
dc.subject Tobin's Q
dc.subject Theorie
dc.title Modeling the Effects of Financial Constraints on Firm's Investment
dc.type doc-type:article


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أعرض تسجيلة المادة بشكل مبسط