Essays On Asset Pricing In Production Economies
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Essays on Asset Pricing in Production Economies
Author | : Andrew Yeh-Chi Chen |
Publisher | : |
Total Pages | : 162 |
Release | : 2014 |
Genre | : |
ISBN | : |
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Chapter 3 examines general restrictions on production technologies implied by asset prices. It shows that representative firm models which are consistent with asset price data require either large capital adjustment costs, or volatile investment-specific technology shocks. These restrictions hold regardless of preferences, beliefs, operating leverage, or the completeness of asset markets. The restrictions summarize the sense in which asset prices are anomalous with respect to the theory of optimal investment.
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