Detail Japanese Stock Returns and Investment : A Test of Production-Based Asset Pricing Model   Oleh:  Hori, Keiichi Jenis: Article from Bulletin/Magazine Dalam koleksi: JAPAN AND THE WORLD ECONOMY vol. 9 no. 1 (1997), page 37-56. Topik: stock returns; stock returns; investment; production - based asset pricing model Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ47.7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel This paper examines whether or not production-based asset pricing model holds for the Japanese stock market over the period 1971 – 1991. This model characterizes an intertemporal marginal rate of substitution as a function of the return on physical investment. An implication of the model is that returns on investment inferred from investment data through a production function and an adjustment cost function are equal to returns on stocks. This implication is tested using industry data on firms listed on the first section of the Tokyo Stock Exchange. The hypothesis is rejected in most industries. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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