Adjustment costs and the theory of optimal investment and financing of the firm

Winston T. Lin

首页> 外文期刊>optimal control applications and methods >Adjustment costs and the theory of optimal investment and financing of the firm

【24h】

Adjustment costs and the theory of optimal investment and financing of the firm

机译：Adjustment costs and the theory of optimal investment and financing of the firm

获取原文

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相关主题

摘要

AbstractA dynamic optimal‐control based model that explicitly includes the effects of adjustment costs of investment and financing is presented to analyse the investment and financing decisions of a present value‐maximizing firm. The model is constrained by an equity‐capital formation and a linear homogeneous earnings‐investment possibility function composed of two components: an adjustment‐cost function and an ordinary production function. Pontryagin's maximum principle is used to solve the model. The main results derived from the model include an optimal investment decision rule, an optimal investment‐financing plan, the long‐run equity demand for the firm, and the long‐run behaviour of investment and financing as they are affected by the existence of a

著录项

来源
《optimal control applications and methods》 |1981年第1期|59-74|共页
作者
Winston T. Lin;
展开▼
作者单位

展开▼
收录信息
原文格式 PDF
正文语种英语
中图分类
关键词
Optimal investment and financing decisions; Adjustment‐cost function; External and internal equity; Equity demand functions; Hicksian matrix; Complements and substitutes;

Adjustment costs and the theory of optimal investment and financing of the firm

摘要

著录项

相关主题

期刊订阅