haku: @author Moore, W. / yhteensä: 7
viite: 3 / 7
Tekijä: | Chen, S. Chang, S. Moore, W. |
Otsikko: | The effect of uncertain inflation on firm value in a multiperiod economy |
Lehti: | Review of Quantitative Finance and Accounting
1994 : MAR, VOL. 4:1, p. 47-58 |
Asiasana: | INFLATION MODELS RATE OF RETURN |
Kieli: | eng |
Tiivistelmä: | The authors of this article model firm value in a multiperiod setting with uncertain inflation and show that real rates of return on firm's securities are intertemporarily dependent. The model also predicts an inverse intertemporal relationship between the real rate of return and the lagged value of Tobin's q. The authors report empirical evidence in support of the hypothesized relationship. The model could explain the mean-reverting property of long-horizon stock returns reported in recent studies. |
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