Recent work in macroeconomics argues that imperfections in capital markets may magnify business cycle fluctuations by propagating relatively modest shocks. This thesis investigates evidence for such a mechanism (also known as the "financial accelerator") by analysing two empirical models of investment in physical capital that test for the importance of capital market imperfections on firms' investment decisions. These models are, respectively, an error correction specification augmented with an additional cash flow term, and an Euler equation model explicitly derived from dynamic optimisation in the presence of symmetric, quadratic costs of adjustment. Chapters 4 and 5 use a large panel of individual Italian manufacturing firms to investigate the impact of capital market imperfections on investment expenditures. Regression results from a system Generalised Method of Moments (GMM) estimator appear to be consistent with the hypothesis that firms that are in a strong informational or liquidity position (large firms, group members, RandD performers) are less likely to face binding financing constraints than firms in a weak informational or liquidity position (small firms, independent firms, non-RandD performers). Investment regressions in Chapter 6, based on consolidated accounting data for three samples of UK, US and Italian companies, show that the sensitivity of investment spending to financial variables is greater in the UK and the US than in Italy. This finding is consistent with the suggestion that outsider control financial systems perform less well in channelling investment funds to firms with profitable investment opportunities than do insider control financial systems. Finally, the empirical analysis in Chapter 7, based on two samples of UK and US firms, provides some preliminary evidence that a less concentrated ownership structure and a high level of institutional ownership may increase the sensitivity of investment to the availability of low-cost internal funds.

Thesis (Ph. D.)--University of Minnesota, 1999. / Includes bibliographical references (leaves 77-78).

Thesis (Ph. D.)--University of California, Santa Cruz, 1997. / Typescript. Includes bibliographical references (leaves 74-75).

Thesis (Ph. D.)--University of Wisconsin--Madison, 1971. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 147-152).

Thesis (M.A..)--West Virginia University, 2006. / Title from document title page. Document formatted into pages; contains v, 33 p. Includes abstract. Includes bibliographical references (p. 31-33).

Thesis (B.A.)--Haverford College, Dept. of Economics, 2006. / Includes bibliographical references.

ROSA, Glauco Getro Moreira. Análise da dinâmica da evolução do valor de empresas de capital aberto nos setores de alimentos e bebidas do Brasil no período 2002-2012. 2014. 65f. Dissertação (Mestrado Profissional) - Programa de Pós Graduação em Economia, CAEN, Universidade Federal do Ceará, Fortaleza-CE, 2014. / Submitted by Mônica Correia Aquino (monicacorreiaaquino@gmail.com) on 2014-11-26T19:52:00Z No. of bitstreams: 1 2014_dissert_ggmrosa.pdf: 1429445 bytes, checksum: 2be560d39edb4c959ffc5f4a773bbccf (MD5) / Approved for entry into archive by Mônica Correia Aquino(monicacorreiaaquino@gmail.com) on 2014-11-26T19:52:10Z (GMT) No. of bitstreams: 1 2014_dissert_ggmrosa.pdf: 1429445 bytes, checksum: 2be560d39edb4c959ffc5f4a773bbccf (MD5) / Made available in DSpace on 2014-11-26T19:52:10Z (GMT). No. of bitstreams: 1 2014_dissert_ggmrosa.pdf: 1429445 bytes, checksum: 2be560d39edb4c959ffc5f4a773bbccf (MD5) Previous issue date: 2014 / From quarterly data for the market value of equity ( equity ) and Enterprise Value ( market value of the company ) of publicly traded companies in the food and beverage sector listed on the Bovespa, this paper examines how the economic instability period 2002-2012 impacted the value of selected companies. Specifically, we selected a sample of four (4) companies: AMBEV, BRFoods, Bread-cane group and Agro Rasip during that period to these two variables, an autoregressive model was applied with endogenous threshold value in order to capture changes of regime in dynamics described by the value of these companies as well as to describe the stochastic process described by for variables selected in period abovementioned. Quantitative indicators for these variables were then calculated and the methodology allowed to investigate the linearity and stationarity of their trajectories, producing results that revealed different situations for companies in its two variables: i) value of equity and enterprise value of AmBev and BRFoods showed linear dynamic with explosive tendencies; ii) the value of Bread-cane group presented a nonlinear dynamic and explosive unit root trend, but the value of Equity presented nonlinear dynamics and partial unit root with endogenous estimated value threshold of 5.89; iii) The Rasip Agro introduced nonlinear dynamics and partial unit roots with stationary above the estimated threshold. Together, these findings suggest that although be they of essential goods sector enterprises, economic instability impacted differently on the value of firms. The economic size of AmBev and BRFoods is natural cause of no regime change in dynamic of its value, and the fact that these companies are less subject to idiosyncratic shocks. / A partir de dados trimestrais para o valor de mercado do Equity (capital próprio) e o Enterprise Value (valor de mercado da empresa) de empresas de capital aberto do setor de alimentos e bebidas listadas na Bovespa, o presente trabalho avalia como a instabilidade econômica do período 2002-2012 impactou o valor de empresas selecionadas. Em particular, foi selecionada uma amostra de 4 (quatro) empresas: AMBEV, BRFoods, Pão de Açúcar e Rasip Agro, no referido período e às duas variáveis supracitadas foi aplicado um modelo autoregressivo com valor limite endógeno com o objetivo de captar mudanças de regime na dinâmica descrita pelo valor dessas empresas, bem como de descrever o processo estocástico descrito pelas variáveis selecionadas no período acima mencionado. Os indicadores quantitativos para essas variáveis foram então calculados e a metodologia permitiu investigar a linearidade e estacionaridade de suas trajetórias, produzindo resultados que revelaram situações diferentes para as empresas em suas duas variáveis: i) Capital próprio e valor da empresa de Ambev e BRFoods apresentaram dinâmicas lineares com tendências explosivas; ii) O valor de Pão de Açúcar apresentou uma dinâmica não-linear e raiz unitária com tendência explosiva, porém o Equity apresentou dinâmica não-linear e raiz unitária parcial com valor limite endógeno estimado de 5,89; iii) Rasip Agro apresentou dinâmica não-linear e raiz unitária parcial, com estacionaridade acima do limiar estimado. Em conjunto, tais constatações sugerem que muito embora se tratem de empresas de setores de bens essenciais, a instabilidade econômica impactou de forma diferenciada no valor das empresas: o tamanho econômico de Ambev e BRfoods se mostra como causa natural da não mudança de regime na dinâmica de seu valor, além do fato de estas empresas estarem menos sujeitas a choques idiossincráticos.

No description available.

When investment projects are described by subjective probability distributions, the measure of investment worth becomes a difficult task. One of the basic assumptions underlying investment analysis under risk is that decision makers would base their decisions on only the first two statistical moments of the probability distribution of returns. However, the mean and variance can adequately describe only certain symmetric distributions such as the normal and the uniform distributions. As a result, if probability distributions of investment returns are actually asymmetric, the classic first two moments analysis ignores information (skewness) that is needed to make a better investment decision. Even though the importance of the third moment in project selection has been recognized, nowhere in the literature is there a successful application of the concept to a regular periodic decision process where the decision maker lacks full knowledge of his future as well as present investment opportunities. Therefore, it is the purpose of this research to investigate the effectiveness of utilizing the higher statistical moments in capital rationing situation.

Sociólogo / La presente Tesis intenta problematizar el papel de la educación universitaria dentro del actual contexto de su masificación. La Universidad permite mejoría en las condiciones de vida, aunque también reproduce las distancias sociales que existen previamente entre los universitarios. Para abordar esta problemática, se intenta comprender la valoración de egresados de Ingeniería comercial de la Universidad de Chile y de la Universidad de las Américas. La comparación se ha centrado en la acumulación de distintas formas de capital, como capital económico, simbólico y social. Se ha planteado un estudio cualitativo de tipo comprensivo-comparativo, encontrando puntos de encuentro y de diferencias de valoración entre ambos grupos