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Multiple q and investment in Japan

Asako, Kazumi.

Multiple q and investment in Japan

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Multiple q and investment in Japanby Kazumi Asako, Jun-ichi Nakamura, Konomi Tonogi.
作者:	Asako, Kazumi.
其他作者:	Nakamura, Jun-ichi.
出版者:	Singapore :Springer Singapore :2020.
面頁冊數:	xii, 184 p. :ill., digital ;24 cm.
Contained By:	Springer Nature eBook
標題:	InvestmentsMathematical models.
電子資源:	https://doi.org/10.1007/978-981-15-2981-8
ISBN:	9789811529818$q(electronic bk.)

Multiple q and investment in Japan
Asako, Kazumi.

Multiple q and investment in Japan[electronic resource] /by Kazumi Asako, Jun-ichi Nakamura, Konomi Tonogi. - Singapore :Springer Singapore :2020. - xii, 184 p. :ill., digital ;24 cm.

1 Survey of the Literature -- 2 Augmentations to Multiple q Theory -- 3 Construction and Summary Statistics of the Data -- 4 Investment Behavior of Japanese Firms -- 5 Extensions of the Multiple q Model: (I) Heterogeneity by Enterprise Size -- 6 Extensions of the Multiple q Model: (II) Heterogeneity by Mode of Acquisition -- 7 Heterogeneity of Capital: Concluding Remarks.

In this book, a framework of the investment function is developed that allows for the heterogeneity of capital goods, i.e., the Multiple q model, and investment behavior in Japan by employing this Multiple q framework is developed. The standard approach to investment behavior is Tobin's q theory in which the investment rate is a linear function of only the q ratio, or a firm's market value measured by its capital goods. As is well known, however, its empirical performance has been almost universally unsatisfactory. Thus the development of a new framework. The authors inquire into and statistically test null hypotheses set on such issues as (a) heterogeneity of multiple capital goods, (b) non-convex adjustment costs to inspire lumpy investment, (c) differences in the adjustment costs in accumulating capital stock through new purchases, second-hand market acquisitions, and large-scale repairs, and (d) capital market imperfections. The test results show that, irrespective of the time period, firms' size, and the industry to which firms belong, (a) multiple capital goods are not homogeneous, (b) some firms face adjustment cost structures that eventually lead to occasional lumpy investment, (c) the method of acquiring investment matters in accumulating capital stock, and (d) capital market imperfections would constrain some lumpy investment. This book is published in cooperation with the Research Institute of Capital Formation, Development Bank of Japan.

ISBN: 9789811529818$q(electronic bk.)

Standard No.: 10.1007/978-981-15-2981-8doiSubjects--Topical Terms:

221368
Investments
--Mathematical models.

LC Class. No.: HG4515.2

Dewey Class. No.: 332.6

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505 0 $a 1 Survey of the Literature -- 2 Augmentations to Multiple q Theory -- 3 Construction and Summary Statistics of the Data -- 4 Investment Behavior of Japanese Firms -- 5 Extensions of the Multiple q Model: (I) Heterogeneity by Enterprise Size -- 6 Extensions of the Multiple q Model: (II) Heterogeneity by Mode of Acquisition -- 7 Heterogeneity of Capital: Concluding Remarks.
520 $a In this book, a framework of the investment function is developed that allows for the heterogeneity of capital goods, i.e., the Multiple q model, and investment behavior in Japan by employing this Multiple q framework is developed. The standard approach to investment behavior is Tobin's q theory in which the investment rate is a linear function of only the q ratio, or a firm's market value measured by its capital goods. As is well known, however, its empirical performance has been almost universally unsatisfactory. Thus the development of a new framework. The authors inquire into and statistically test null hypotheses set on such issues as (a) heterogeneity of multiple capital goods, (b) non-convex adjustment costs to inspire lumpy investment, (c) differences in the adjustment costs in accumulating capital stock through new purchases, second-hand market acquisitions, and large-scale repairs, and (d) capital market imperfections. The test results show that, irrespective of the time period, firms' size, and the industry to which firms belong, (a) multiple capital goods are not homogeneous, (b) some firms face adjustment cost structures that eventually lead to occasional lumpy investment, (c) the method of acquiring investment matters in accumulating capital stock, and (d) capital market imperfections would constrain some lumpy investment. This book is published in cooperation with the Research Institute of Capital Formation, Development Bank of Japan.
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