haku: @indexterm equilibrium theory / yhteensä: 340
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| Tekijä: | Kogan, L. |
| Otsikko: | Asset prices and real investment |
| Lehti: | Journal of Financial Economics
2004 : SEP, VOL. 73:3, p. 411-431 |
| Asiasana: | Equilibrium theory Gearing Investment Property |
| Kieli: | eng |
| Tiivistelmä: | The article suggests that firm investment activity and firm characteristics are functions of the state of the economy and therefore contain information about the dynamic behavior of stock returns. This paper develops a model of a production economy in which real estate is irreversible and subject to convex adjustment costs. Empirical tests based on industry portfolios support the authorsÂ’ predictions for conditional volatility but not for expected returns. |
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