The Tax Adjusted Q Model With Intangible Assets Theory And Evidence From Temporary Investment Tax Incentives

Author: Sophia Chen
Publisher: International Monetary Fund
ISBN: 1498308503
Size: 41.38 MB
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We propose a tax-adjusted q model with physical and intangible assets and estimate it with a self-collected comprehensive database of intangible assets. The presence of intangibles changes the accounting and economic measures of q. We show that when tax changes are temporary, the q model can be estimated by adjusting for the firm’s intangible stock and intangible intensity. We estimate our model using temporary investment tax incentive policies in the United States in the early 2000s. When the q-model accounts for intangible assets, the estimated investment elasticity to tax incentives is generally larger than otherwise. It is also larger for intangible-intensive firms, and increases with firm size.

Valuation Approaches And Metrics

Author: Aswath Damodaran
Publisher: Now Publishers Inc
ISBN: 1601980140
Size: 56.80 MB
Format: PDF, Docs
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Valuation Approaches and Metrics focuses on the theory and practice of valuation of companies and stocks, providing an invaluable overview of the topic from both a practical and scholarly perspective. Valuation Approaches and Metrics reviews the finance literature on valuation and presents three approaches to valuation: .discounted cash flow valuation relating the value of an asset to the present value of expected future cash flows on that asset. .liquidation and accounting valuation built around valuing the existing assets of a firm using accounting estimates of value or "book value" .relative valuation estimating the value of an asset by looking at the pricing of 'comparable' assets relative to a common variable like earnings, cash flows, book value or sales. Valuation Approaches and Metrics should be required reading for both finance practitioners and researchers."

The Efficient Market Theory And Evidence

Author: Andrew Ang
Publisher: Now Publishers Inc
ISBN: 1601984685
Size: 62.17 MB
Format: PDF, Kindle
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The Efficient Market Theory and Evidence reviews the extensive theoretical and empirical literature on the efficient markets hypothesis (EMH).

Communicating Risks And Benefits

Author: Baruch Fischhoff
Publisher: Government Printing Office
ISBN: 9780160901799
Size: 45.93 MB
Format: PDF, ePub, Mobi
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Effective risk communication is essential to the well-being of any organization and those people who depend on it. Ineffective communication can cost lives, money and reputations. Communicating Risks and Benefits: An Evidence-Based User’s Guide provides the scientific foundations for effective communications. The book authoritatively summarizes the relevant research, draws out its implications for communication design, and provides practical ways to evaluate and improve communications for any decision involving risks and benefits. Topics include the communication of quantitative information and warnings, the roles of emotion and the news media, the effects of age and literacy, and tests of how well communications meet the organization’s goals. The guide will help users in any organization, with any budget, to make the science of their communications as sound as the science that they are communicating.

Accounting For Value

Author: Stephen Penman
Publisher: Columbia University Press
ISBN: 0231521855
Size: 61.11 MB
Format: PDF, Kindle
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Despite their skills and extensive training, many analysts fail to recognize the basics of good accounting and its deployment in valuation. By focusing on abstract concepts such as measurement basis, exit values, and entity concepts, they miss out on the benfits of a practical approach to valuation. While modern finance has advanced important concepts, including diversification and risk measurement, effective and efficient accounting merges these tools with fundamental analysis to divine a true account of value. Launching an innovative examination of equity valuation as a matter.

Investment Under Uncertainty

Author: Avinash K. Dixit
Publisher: Princeton University Press
ISBN: 0691034109
Size: 16.24 MB
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How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

The Economics Of Innovation

Author: G. M. P. Swann
Publisher: Edward Elgar Publishing
ISBN: 1781007748
Size: 42.80 MB
Format: PDF
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This text provides a comprehensive yet accessible introduction to the economics of innovation, written for those with some basic knowledge of economics.

Microeconomics In Context

Author: Goodwin
Publisher: M.E. Sharpe
ISBN: 0765628155
Size: 52.96 MB
Format: PDF, Kindle
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Designed for one-semester use, this innovative, principles-level text takes a broad 'contextual' approach to economics - including serious consideration of ecological, feminist, and social concerns - while still including coverage of the standard microeconomic concepts and models. Unlike most microeconomics textbooks, which focus exclusively on markets and efficiency, this book starts with the question of human well-being and then examines how economic activities can contribute to, or detract from, well-being. It addresses such critical concerns as ecological sustainability, distributional equality, the quality of employment, and the adequacy of living standards.Like its companion volume, "Macroeconomics in Context," this text includes discussions of historical, institutional, political, and social factors that encourage students to engage with the subject matter. An Instructor's Resource Manual, Test Bank, and Student Study Guide are available on the authors' website for instructors who adopt the text.