WEKO3
アイテム
Investment Frictions versus Financing Frictions
http://hdl.handle.net/2261/25741
http://hdl.handle.net/2261/257416c0959fc-cad0-493a-8e17-4521e263cef1
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-05-31 | |||||
| タイトル | ||||||
| タイトル | Investment Frictions versus Financing Frictions | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Kobayashi, Takao
× Kobayashi, Takao× Risa, Sai |
|||||
| 著者所属 | ||||||
| 著者所属 | University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Bertola/Caballero (1994) and Abel/Eberly (1996) extended Jor-genson s classical model of rms optimal investment. By introducing investment frictions, they were able to capture the role of future antic-ipations in investment decisions as well as the lumpy and intermittent nature of investment dynamics. We extend Jorgenson s model to the other direction of nancing frictions. We construct a model of an equity-only rm, who must pay a linear nancing cost for issuing new shares. We show that the rm s optimal investment- nancing is a two-trigger policy in which the rm nances investment by issuing new shares (supplementing internal funds) when the shadow price of capital hits the upper trigger value. When the shadow price hits the lower trigger value, she sells a portion of her capital stock and buys back shares (or pays dividends). Values of the shadow price of capital between the two trigger values de ne a range of "inaction", in which the rm does neither issue nor buy back shares and invests all of her internal funds for expansion. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-627, 発行日 2009-07 |
|||||
| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 335 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| Center for International Research on the Japanese Economy | ||||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2009/2009cf627ab.html | |||||
