Investment and the weighted average cost of capital
In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Frank, Murray Z. [verfasserIn] |
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E-Artikel |
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Englisch |
| Erschienen: |
2016transfer abstract |
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16 |
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| Übergeordnetes Werk: |
Enthalten in: Operation characteristics and experience of a ground source heat pump system with a vertical ground heat exchanger - 2013transfer abstract, Amsterdam [u.a.] |
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volume:119 ; year:2016 ; number:2 ; pages:300-315 ; extent:16 |
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10.1016/j.jfineco.2015.09.001 |
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| 520 | |a In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. | ||
| 520 | |a In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. | ||
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10.1016/j.jfineco.2015.09.001 doi GBVA2016010000020.pica (DE-627)ELV035301295 (ELSEVIER)S0304-405X(15)00168-3 DE-627 ger DE-627 rakwb eng 650 650 DE-600 600 VZ 610 VZ 15,3 ssgn PHARM DE-84 fid 44.40 bkl Frank, Murray Z. verfasserin aut Investment and the weighted average cost of capital 2016transfer abstract 16 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. G31 Elsevier G32 Elsevier Shen, Tao oth Enthalten in Elsevier Operation characteristics and experience of a ground source heat pump system with a vertical ground heat exchanger 2013transfer abstract Amsterdam [u.a.] (DE-627)ELV016888170 volume:119 year:2016 number:2 pages:300-315 extent:16 https://doi.org/10.1016/j.jfineco.2015.09.001 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U FID-PHARM SSG-OLC-PHA SSG-OPC-PHA 44.40 Pharmazie Pharmazeutika VZ AR 119 2016 2 300-315 16 045F 650 |
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10.1016/j.jfineco.2015.09.001 doi GBVA2016010000020.pica (DE-627)ELV035301295 (ELSEVIER)S0304-405X(15)00168-3 DE-627 ger DE-627 rakwb eng 650 650 DE-600 600 VZ 610 VZ 15,3 ssgn PHARM DE-84 fid 44.40 bkl Frank, Murray Z. verfasserin aut Investment and the weighted average cost of capital 2016transfer abstract 16 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. G31 Elsevier G32 Elsevier Shen, Tao oth Enthalten in Elsevier Operation characteristics and experience of a ground source heat pump system with a vertical ground heat exchanger 2013transfer abstract Amsterdam [u.a.] (DE-627)ELV016888170 volume:119 year:2016 number:2 pages:300-315 extent:16 https://doi.org/10.1016/j.jfineco.2015.09.001 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U FID-PHARM SSG-OLC-PHA SSG-OPC-PHA 44.40 Pharmazie Pharmazeutika VZ AR 119 2016 2 300-315 16 045F 650 |
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10.1016/j.jfineco.2015.09.001 doi GBVA2016010000020.pica (DE-627)ELV035301295 (ELSEVIER)S0304-405X(15)00168-3 DE-627 ger DE-627 rakwb eng 650 650 DE-600 600 VZ 610 VZ 15,3 ssgn PHARM DE-84 fid 44.40 bkl Frank, Murray Z. verfasserin aut Investment and the weighted average cost of capital 2016transfer abstract 16 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. G31 Elsevier G32 Elsevier Shen, Tao oth Enthalten in Elsevier Operation characteristics and experience of a ground source heat pump system with a vertical ground heat exchanger 2013transfer abstract Amsterdam [u.a.] (DE-627)ELV016888170 volume:119 year:2016 number:2 pages:300-315 extent:16 https://doi.org/10.1016/j.jfineco.2015.09.001 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U FID-PHARM SSG-OLC-PHA SSG-OPC-PHA 44.40 Pharmazie Pharmazeutika VZ AR 119 2016 2 300-315 16 045F 650 |
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10.1016/j.jfineco.2015.09.001 doi GBVA2016010000020.pica (DE-627)ELV035301295 (ELSEVIER)S0304-405X(15)00168-3 DE-627 ger DE-627 rakwb eng 650 650 DE-600 600 VZ 610 VZ 15,3 ssgn PHARM DE-84 fid 44.40 bkl Frank, Murray Z. verfasserin aut Investment and the weighted average cost of capital 2016transfer abstract 16 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. G31 Elsevier G32 Elsevier Shen, Tao oth Enthalten in Elsevier Operation characteristics and experience of a ground source heat pump system with a vertical ground heat exchanger 2013transfer abstract Amsterdam [u.a.] (DE-627)ELV016888170 volume:119 year:2016 number:2 pages:300-315 extent:16 https://doi.org/10.1016/j.jfineco.2015.09.001 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U FID-PHARM SSG-OLC-PHA SSG-OPC-PHA 44.40 Pharmazie Pharmazeutika VZ AR 119 2016 2 300-315 16 045F 650 |
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10.1016/j.jfineco.2015.09.001 doi GBVA2016010000020.pica (DE-627)ELV035301295 (ELSEVIER)S0304-405X(15)00168-3 DE-627 ger DE-627 rakwb eng 650 650 DE-600 600 VZ 610 VZ 15,3 ssgn PHARM DE-84 fid 44.40 bkl Frank, Murray Z. verfasserin aut Investment and the weighted average cost of capital 2016transfer abstract 16 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. G31 Elsevier G32 Elsevier Shen, Tao oth Enthalten in Elsevier Operation characteristics and experience of a ground source heat pump system with a vertical ground heat exchanger 2013transfer abstract Amsterdam [u.a.] (DE-627)ELV016888170 volume:119 year:2016 number:2 pages:300-315 extent:16 https://doi.org/10.1016/j.jfineco.2015.09.001 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U FID-PHARM SSG-OLC-PHA SSG-OPC-PHA 44.40 Pharmazie Pharmazeutika VZ AR 119 2016 2 300-315 16 045F 650 |
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In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. |
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In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. |
| abstract_unstemmed |
In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model. |
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Investment and the weighted average cost of capital |
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https://doi.org/10.1016/j.jfineco.2015.09.001 |
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