메뉴 건너뛰기




Volumn 38, Issue 2, 1997, Pages 351-379

Irreversible capital and the stock market response to shocks in profitability

(1)  Sakellaris, Plutarchos a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0040955255     PISSN: 00206598     EISSN: None     Source Type: Journal    
DOI: 10.2307/2527378     Document Type: Article
Times cited : (20)

References (46)
  • 1
    • 0001412529 scopus 로고
    • A stochastic model of investment, marginal q and the market value of the firm
    • ABEL, A. B., "A Stochastic Model of Investment, Marginal q and the Market Value of the Firm," International Economic Review 26 (1985), 305-322.
    • (1985) International Economic Review , vol.26 , pp. 305-322
    • Abel, A.B.1
  • 2
    • 0000090466 scopus 로고
    • Asymptotic normality of series estimators for nonparametric and semiparametric regression models
    • ANDREWS, D. W. K., "Asymptotic Normality of Series Estimators for Nonparametric and Semiparametric Regression Models," Econometrica 59 (1991), 307-345.
    • (1991) Econometrica , vol.59 , pp. 307-345
    • Andrews, D.W.K.1
  • 4
    • 0002745501 scopus 로고
    • Productivity and the services of capital and labor
    • BAILY, M. N., "Productivity and the Services of Capital and Labor," Brookings Papers on Economic Activity, 1 (1981), 1-50.
    • (1981) Brookings Papers on Economic Activity , vol.1 , pp. 1-50
    • Baily, M.N.1
  • 5
    • 0040889207 scopus 로고
    • Energy price shocks and productivity growth in the Japanese and U.S. Manufacturing industries
    • C. R. Hulten ed., Chicago: University of Chicago Press
    • BERNDT, E. R., et al., "Energy Price Shocks and Productivity Growth in the Japanese and U.S. Manufacturing Industries," in C. R. Hulten ed., Productivity Growth in Japan and the United States (Chicago: University of Chicago Press, 1990).
    • (1990) Productivity Growth in Japan and the United States
    • Berndt, E.R.1
  • 8
    • 0002143176 scopus 로고
    • Multivariate regression models for panel data
    • CHAMBERLAIN, GARY, "Multivariate Regression Models For Panel Data," Journal of Econometrics 18 (1982), 5-46.
    • (1982) Journal of Econometrics , vol.18 , pp. 5-46
    • Chamberlain, G.1
  • 10
    • 84960599683 scopus 로고
    • Gross job creation, gross job destruction and employment reallocation
    • _ AND _, "Gross Job Creation, Gross Job Destruction and Employment Reallocation," Quarterly Journal of Economics 107 (1992), 819-864.
    • (1992) Quarterly Journal of Economics , vol.107 , pp. 819-864
  • 11
    • 0000472488 scopus 로고
    • Likelihood ratio statistics for autoregressive time series with a unit root
    • DICKEY, D. A. AND W. A. FULLER, "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica 49 (1981), 1057-1072.
    • (1981) Econometrica , vol.49 , pp. 1057-1072
    • Dickey, D.A.1    Fuller, W.A.2
  • 12
    • 0011703584 scopus 로고
    • Inter fuel substitution and energy technology heterogeneity in U.S. Manufacturing
    • U.S. Bureau of the Census
    • DOMS, M. E. "Inter Fuel Substitution and Energy Technology Heterogeneity in U.S. Manufacturing," CES Discussion Paper 93-5, U.S. Bureau of the Census, 1993.
    • (1993) CES Discussion Paper 93-5
    • Doms, M.E.1
  • 13
    • 18844416849 scopus 로고
    • Wald, likelihood ratio and lagrange multiplier tests in econometrics
    • Zvi Griliches and Michael D. Intrilligator, eds. Amsterdam: North-Holland
    • ENGLE, R. F. "Wald, Likelihood Ratio and Lagrange Multiplier Tests in Econometrics," in Zvi Griliches and Michael D. Intrilligator, eds., Handbook of Econometrics, Vol. II. (Amsterdam: North-Holland, 1984, pp 776-828).
    • (1984) Handbook of Econometrics , vol.2 , pp. 776-828
    • Engle, R.F.1
  • 15
    • 0000029776 scopus 로고
    • Efficient capital markets: II
    • FAMA, E, "Efficient Capital Markets: II," Journal of Finance 46 (1991), 1575-1618.
    • (1991) Journal of Finance , vol.46 , pp. 1575-1618
    • Fama, E.1
  • 16
    • 84936823605 scopus 로고
    • Permanent and temporary components of stock prices
    • _ AND K. R. FRENCH, "Permanent and Temporary Components of Stock Prices," Journal of Political Economy 96 (1988), 246-273.
    • (1988) Journal of Political Economy , vol.96 , pp. 246-273
    • French, K.R.1
  • 18
    • 0039110907 scopus 로고
    • The structure of technology over time: A model for testing the 'Putty-Clay' hypothesis
    • FUSS, M. A. "The Structure of Technology Over Time: A Model For Testing The 'Putty-Clay' Hypothesis" Econometrica 45 (1977), 1797-1821.
    • (1977) Econometrica , vol.45 , pp. 1797-1821
    • Fuss, M.A.1
  • 19
    • 0002470256 scopus 로고
    • Seemingly unrelated nonlinear regressions
    • GALLANT, R. A., "Seemingly Unrelated Nonlinear Regressions" Journal of Econometrics 3 (1975), 35-50.
    • (1975) Journal of Econometrics , vol.3 , pp. 35-50
    • Gallant, R.A.1
  • 20
    • 0039110908 scopus 로고
    • A ten-year retrospective: OPEC and the world oil market
    • GATELY, DERMOT., "A Ten-Year Retrospective: OPEC and the World Oil Market" Journal of Economic Literature 22 (1984), 1100-1114.
    • (1984) Journal of Economic Literature , vol.22 , pp. 1100-1114
    • Gately, D.1
  • 22
    • 0000709604 scopus 로고
    • Import competition and the stock market return to capital
    • GROSSMAN, G. AND J. LEVINSOHN, "Import Competition and the Stock Market Return to Capital" American Economic Review 79 (1989), 1065-1087.
    • (1989) American Economic Review , vol.79 , pp. 1065-1087
    • Grossman, G.1    Levinsohn, J.2
  • 25
    • 85017128111 scopus 로고
    • Oil and the macroeconomy since world war II
    • HAMILTON, J. D., "Oil and the Macroeconomy since World War II" Journal of Political Economy 91 (1983), 228-248.
    • (1983) Journal of Political Economy , vol.91 , pp. 228-248
    • Hamilton, J.D.1
  • 26
    • 0000939170 scopus 로고
    • Tobin's marginal q and average q: A neo-classical interpretation
    • HAYASHI, F., "Tobin's Marginal q and Average q: A Neo-Classical Interpretation," Econometrica 50 (1982), 213-24.
    • (1982) Econometrica , vol.50 , pp. 213-224
    • Hayashi, F.1
  • 27
    • 0001343525 scopus 로고
    • The relation between firm growth and Q with multiple capital goods: Theory and evidence from panel data on japanese firms
    • _ AND T. INOUE, "The Relation Between Firm Growth and Q With Multiple Capital Goods: Theory and Evidence From Panel Data on Japanese Firms." Econometrica 59 (1991), 731-753.
    • (1991) Econometrica , vol.59 , pp. 731-753
    • Inoue, T.1
  • 28
    • 0001600291 scopus 로고
    • Entry, exit and firm dynamics in long run equilibrium
    • HOPENHAYN, H. A., "Entry, Exit and Firm Dynamics in Long Run Equilibrium," Econometrica 60 (1992), 1127-1150.
    • (1992) Econometrica , vol.60 , pp. 1127-1150
    • Hopenhayn, H.A.1
  • 29
    • 0002308919 scopus 로고
    • Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups
    • HOSHI, T., A. KASHYAP AND D. SCHARFSTEIN, "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups," Quarterly Journal of Economics 106 (1991), 33-60.
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 30
    • 0003244878 scopus 로고
    • Energy, obsolescence, and the productivity slowdown
    • D. W. Jorgenson and R. Landau, eds., Cambridge: MIT Press
    • HULTEN, C. R., J. W. ROBERTSON AND F. C. WYKOFF, "Energy, Obsolescence, and the Productivity Slowdown," in D. W. Jorgenson and R. Landau, eds., Technology and Capital Formation, (Cambridge: MIT Press, 1989).
    • (1989) Technology and Capital Formation
    • Hulten, C.R.1    Robertson, J.W.2    Wykoff, F.C.3
  • 32
    • 0002485234 scopus 로고
    • Selection and the evolution of industry
    • JOVANOVIC, B., "Selection and the Evolution of Industry," Econometrica 50 (1982), 649-670.
    • (1982) Econometrica , vol.50 , pp. 649-670
    • Jovanovic, B.1
  • 33
    • 84934452997 scopus 로고
    • Dynamics of R&D and investment in the scientific sector
    • LACH, S. AND M. SCHANKERMAN, "Dynamics of R&D and Investment in the Scientific Sector," Journal of Political Economy 97 (1989), 880-904.
    • (1989) Journal of Political Economy , vol.97 , pp. 880-904
    • Lach, S.1    Schankerman, M.2
  • 34
    • 0001843717 scopus 로고
    • The present value relation: Tests based on implied variance bounds
    • LEROY, S. F. AND R. R. PORTER, "The Present Value Relation: Tests Based on Implied Variance Bounds," Econometrica 49 (1981), 555-574.
    • (1981) Econometrica , vol.49 , pp. 555-574
    • Leroy, S.F.1    Porter, R.R.2
  • 35
    • 0000186211 scopus 로고
    • Investment under uncertainty
    • LUCAS, R. E., JR. AND E. C. PRESCOTT, "Investment under Uncertainty," Econometrica 39 (1971), 659-681.
    • (1971) Econometrica , vol.39 , pp. 659-681
    • Lucas R.E., Jr.1    Prescott, E.C.2
  • 37
    • 0000698850 scopus 로고
    • Model specification tests and artificial regressions
    • MCKINNON, J. G., "Model Specification Tests and Artificial Regressions," Journal of Economic Literature 30 (1992), 102-46.
    • (1992) Journal of Economic Literature , vol.30 , pp. 102-146
    • McKinnon, J.G.1
  • 40
    • 84934095602 scopus 로고
    • On patents, R&D, and the stock market rate of return
    • PAKES, A., "On Patents, R&D, and the Stock Market Rate of Return," Journal of Political Economy 93 (1985), 390-409.
    • (1985) Journal of Political Economy , vol.93 , pp. 390-409
    • Pakes, A.1
  • 42
    • 0006472641 scopus 로고
    • Estimating distributed lags in short panels with an application to the specification of depreciation patterns and capital stock constructs
    • _ AND Z. GRILICHES, "Estimating Distributed Lags in Short Panels With an Application to the Specification of Depreciation Patterns and Capital Stock Constructs," Review of Economic Studies 51 (1984), 243-262.
    • (1984) Review of Economic Studies , vol.51 , pp. 243-262
    • Griliches, Z.1
  • 43
    • 21844511954 scopus 로고
    • Investment under uncertain market conditions
    • SAKELLARIS, P., "Investment under Uncertain Market Conditions," Review of Economics and Statistics 77 (1995), 455-469.
    • (1995) Review of Economics and Statistics , vol.77 , pp. 455-469
    • Sakellaris, P.1
  • 44
    • 84960606812 scopus 로고
    • The dynamic demand for capital and labor
    • SHAPIRO, M. D., "The Dynamic Demand for Capital and Labor," Quarterly Journal of Economics 101 (1986), 513-542.
    • (1986) Quarterly Journal of Economics , vol.101 , pp. 513-542
    • Shapiro, M.D.1
  • 45
    • 0000893807 scopus 로고
    • Do stock prices move too much to be justified by subsequent changes in dividends?
    • SHILLER, R. J., "Do Stock Prices Move Too Much to Be Justified By Subsequent Changes in Dividends?" American Economic Review 71 (1981), 421-436.
    • (1981) American Economic Review , vol.71 , pp. 421-436
    • Shiller, R.J.1
  • 46
    • 0002742432 scopus 로고
    • Taxation and corporate investment: A g-Theory approach
    • SUMMERS, L. H., "Taxation and Corporate Investment: A g-Theory Approach," Brookings Papers on Economic Activity, 1 (1981), 67-127.
    • (1981) Brookings Papers on Economic Activity , vol.1 , pp. 67-127
    • Summers, L.H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.