The impact of intangible capital on Tobin's q in the semiconductor industry
Article Abstract:
The 'q' ratio is used to measure research and development and patents, which are two forms of intangible capital in the semiconductor industry. The 'q' ratio is the stockmarket valuation of the financial claims on a firm to the cost of replacing the assets of a firm. Results show that intangible assets are only partial factor in changes to the 'q' ratio, and that it is important to include research and development and patents. The stocks of research and development expenditures of rivals have a positive affect on the 'q' ratio.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1993
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Dynamic capital structure under managerial entrenchment
Article Abstract:
A model of dynamic capital structure is proposed. In the model, managers voluntarily impose debt to constrain themselves, and managerial optimality determines capital structure rather than shareholder optimality. Debt in the model confines managers due to possible bankruptcy. The model provides fresh insights on empire-building, firm performance, debt and dividend policy coordination that differentiate it sharply from other models of capital structure.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1996
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Why is capital so immobile internationally? Possible explanations and implications for capital income taxation
Article Abstract:
The international mobility of capital is investigated. A model with asymmetric information between countries is used to analyze minimal international portfolio diversification, the high correlation between domestic savings and investment and real interest differentials between countries. The asymmetric information provides a good explanation for the empirical evidence on international capital mobility.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1996
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