> گروه بندی فایل ها > پژوهش و پایان نامه > دانلود رایگان مقالات لاتین science direct > سال 2015 > Journal of Banking - Finance > دوره 55 ماه June > توصیف فایل ها Investment Policy with Time-to-build چکیده ای از مقاله Most capital projects have an implementation lag. We examine the effect of implementation lag on a levered firm’s investment decision. The main finding is that implementation lag can potentially have a substantial effect on a levered company’s investment trigger, and this effect can be significantly different from that of an unlevered company. The exact relationship between lag and investment trigger depends on the level of debt used by the firm. For an optimally-levered firm, a crucial determinant of the laginvestment relationship is the fraction of investment cost that has to be incurred upfront. If this fraction is small, investment trigger is a decreasing function of implementation lag and the effect can be economically significant. If this fraction is large, investment trigger can be either increasing or decreasing in lag, depending on parameter values, but the magnitude of the effect is not large. Optimally levering a firm makes the implementation lag more investment-friendly relative to an unlevered firm, thus it is possible that the lag has a negative effect on investment if the firm is unlevered but a positive effect if the same firm is optimally-levered. For an optimally-levered firm, implementation lag generally has a nonnegative effect on investment. تاریخ ثبت: 1394/11/20 تعداد مطالعه: 309 تعداد دریافت: 0 حجم فایل : 1.19 MB گروه: دوره 55 ماه June دریافت فایل: همراه با تیم: عضویت طرح فیروزه کارتابل(میزکار) همراهان تیم دعوت از دوستان همگام با تیم:عضویت طرح یاقوت همیار با تیم: عضویت طرح زمرد همکار با تیم: عضویت ویژه الماس جستجو یار مالی شغلی مترجم یار مالی حسابداری تور مجازی ارتباط با تیم اجرایی دیدگاه کاربران نام: پست الکترونیک: * متن: * کد امنیتی: *