| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w13092
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| 来源ID | Working Paper 13092
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| Financial Frictions, Investment and Tobin's q |
| Guido Lorenzoni; Karl Walentin
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| 发表日期 | 2007-05-11
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| 出版年 | 2007
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| 语种 | 英语
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| 摘要 | We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher than the market rate of return, i.e., they receive a quasi-rent on invested capital. This rent is priced into the value of the firm, so Tobin's q is driven by two forces: changes in the value of invested capital, and changes in the value of the insiders' future rents per unit of capital. This weakens the correlation between q and investment, relative to the frictionless benchmark. We present a calibrated version of the model, which, due to this effect, generates realistic correlations between investment, q, and cash flow. |
| 主题 | Macroeconomics
; Consumption and Investment
; Business Cycles
; Money and Interest Rates
; Financial Economics
; Corporate Finance
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| URL | https://www.nber.org/papers/w13092
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570760
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推荐引用方式
GB/T 7714 |
Guido Lorenzoni,Karl Walentin. Financial Frictions, Investment and Tobin's q. 2007.
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文件名：
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w13092.pdf
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格式：
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Adobe PDF
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