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- W2102941340 abstract "I propose a new implementation of the q-theory of investment using corporate bond yields instead of equity prices. In q-theory, the optimal investment rate is a function of risk-adjusted discount rates and of future marginal profitability. Corporate bond prices also depend on these variables. I show that, when aggregate shocks are small, aggregate q is a linear combination of risk free rates and average yields on risky corporate debt. The yield-theory of investment, unlike its equity-based counter part, is empirically successful: it can account for more than half of the volatility of investment in post-war US data, it drives out cash flows from the investment equation, and it delivers sensible estimates for the parameters of the adjustment cost function." @default.
- W2102941340 created "2016-06-24" @default.
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- W2102941340 date "2006-08-04" @default.
- W2102941340 modified "2023-09-26" @default.
- W2102941340 title "The y-Theory of Investment" @default.
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