Growth Opportunities And Corporate Investment Theory in Efficient Financial Mark

Cover Growth Opportunities And Corporate Investment Theory in Efficient Financial Mark
Growth Opportunities And Corporate Investment Theory in Efficient Financial Mark
James L Paddock
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) In Figure 2, the NPV of the firm at point B is equal to the integral of the area under VB less the integral under PB. This value is strictly less, by the area PBA, than the firm without adjustment costs. This analysis has assumed no exogenous changes in q'. We have been analyzing only movements along the investment opportunity schedule as the firm moves toward K*. We have not considered any intertemporal shifting of the lOS.
Thus, past values of q' have a deterministic effect on investment in
... present and future periods. The practical implications are obvious. In the certainty model of Fisher [11], the firm need only observe the market rate of interest in making its investment decisions. In our model with costs of adjustment, the firm need only observe q' in making its investment decisions. The decision rule is: if q' > 1 + g', invest, where g' = (G/P) + (kG'/P).
16 Investment Response to a Shift of the Opportunity Locus We will now consider the firm's investment decision when the investment opportunity schedule itself shifts .


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