The Effect of Changes in Regulation and Technology on Capital Investments

Vivian O. Okere; Wen Chen

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The Effect of Changes in Regulation and Technology on Capital Investments

机译：调节技术变化对资本投资的影响

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Uncertainties in regulation could affect the decision to invest in irreversible capital projects. We use the geometric Brownian motion to analyze the effect of a stochastic carbon tax on the cash flows expected from investments and the value of the investments. Successful legislation on carbon tax may trigger changes in technology. Our results show that carbon tax accompanied by the adoption of a new technology could affect the value of an irreversible investment. Also the decision to invest depends on whether the cash flows exceed a pre-determined critical cash flow.

机译：监管中的不确定性可能影响投资不可逆转资本项目的决定。我们使用几何布朗运动来分析随机碳税对预期投资的现金流量和投资价值的影响。碳税的成功立法可能会引发技术的变化。我们的研究结果表明，采用新技术的碳税可能会影响不可逆转的投资的价值。投资的决定取决于现金流量是否超过了预先确定的关键现金流。

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《Journal of Mathematical Finance》 |2021年第2期|共29页
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Vivian O. Okere; Wen Chen;
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Capital InvestmentsReal OptionCarbon TaxTechnologyDiscount RateStochastic Cash Flows;

机译：资本投资活动票房租赁税目Discount Ratextical现金流量;

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The Effect of Changes in Regulation and Technology on Capital Investments

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