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Autor:
Andrew Smithers
The model has some similarities and many differences with the life cycle savings hypothesis (LCSH). The major similarity is that both models assume that the young will save in order not to starve when elderly and that the old will often dissave eithe
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https://explore.openaire.eu/search/publication?articleId=doi_________::e542084865f72fc09f980e6070a4b7ef
https://doi.org/10.1093/oso/9780192847096.003.0029
https://doi.org/10.1093/oso/9780192847096.003.0029
Autor:
Andrew Smithers
Consensus models assume that the return on capital is set by a constant, psychologically determined, discount rate. The evidence is against this. The stationarity of equity returns and its absence from returns on total capital require a wide variatio
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https://explore.openaire.eu/search/publication?articleId=doi_________::59ff99c353860e034f338682e118f0f8
https://doi.org/10.1093/oso/9780192847096.003.0028
https://doi.org/10.1093/oso/9780192847096.003.0028
Autor:
Andrew Smithers
The Miller-Modigliani Theorem is generally accepted in the neoclassical synthesis. It holds that the value of companies, defined as their net worth, are not altered by changes in leverage. This must be correct unless net worth changes with leverage.
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https://explore.openaire.eu/search/publication?articleId=doi_________::628ef3fd89ce0b7347d1894a398dcaf2
https://doi.org/10.1093/oso/9780192847096.003.0019
https://doi.org/10.1093/oso/9780192847096.003.0019
Autor:
Andrew Smithers
The stock market rotates around fair value, which is when corporate net worth and the market valuation of corporate equity are, when correctly valued, equal—the q ratio is mean reverting. This could occur through changes in net worth or in value or
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https://explore.openaire.eu/search/publication?articleId=doi_________::55b3ba4caddc7ef55e2407672933604c
https://doi.org/10.1093/oso/9780192847096.003.0021
https://doi.org/10.1093/oso/9780192847096.003.0021
Autor:
Andrew Smithers
In addition to tangible fixed produced capital, companies need land, inventories, and trade credit. The greater the proportion of these other assets to their produced capital, the faster will be the rate of depreciation. As the labour productivity of
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https://explore.openaire.eu/search/publication?articleId=doi_________::aa724bfc5ecdaa1586a7439a4ab3bfca
https://doi.org/10.1093/oso/9780192847096.003.0020
https://doi.org/10.1093/oso/9780192847096.003.0020
Autor:
Andrew Smithers
Since the 2008 financial crisis the neoclassical synthesis has increasingly been acknowledged as an unsatisfactory theory on which to base economic policy. Its failure to incorporate finance in its models is often identified as its most obvious weakn
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https://explore.openaire.eu/search/publication?articleId=doi_________::979e40e4aad45259d7666a57027a252c
https://doi.org/10.1093/oso/9780192847096.001.0001
https://doi.org/10.1093/oso/9780192847096.001.0001
Autor:
Andrew Smithers
The model makes a clear distinction between the household and business sectors, as the utility function of managers differs from that of households. Companies can be valued in two separate ways, through the ‘replacement cost’ of their assets and
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https://explore.openaire.eu/search/publication?articleId=doi_________::9e00aa957f07937d12541c1609957e0e
https://doi.org/10.1093/oso/9780192847096.003.0003
https://doi.org/10.1093/oso/9780192847096.003.0003
Autor:
Andrew Smithers
By combining the risk-free return on bonds of different maturities with the minimum likely return on equities at different probabilities we can calculate the time horizon at which investors will prefer equities to bonds. The combination of stable vol
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https://explore.openaire.eu/search/publication?articleId=doi_________::7461e06024b95430875f66a45d18d36d
https://doi.org/10.1093/oso/9780192847096.003.0012
https://doi.org/10.1093/oso/9780192847096.003.0012
Autor:
Andrew Smithers
Individuals’ risk aversion will, considered in total, fluctuate in the short-term around a stable long-term average, but in aggregate will vary with changes in demography. Because of the relative elasticities of corporate leverage and portfolio pre
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https://explore.openaire.eu/search/publication?articleId=doi_________::cc1b71fc76390ddffe56cfdf576d3ea8
https://doi.org/10.1093/oso/9780192847096.003.0013
https://doi.org/10.1093/oso/9780192847096.003.0013
Autor:
Andrew Smithers
Managements’ main aims are to preserve their jobs and be highly paid; the balance between these determines their decisions about the level of their companies’ capital investment, debt, and pay-out ratios. Job preservation requires that leverage i
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::01c8e4cbb0cfcb9b555bf073b854e41e
https://doi.org/10.1093/oso/9780192847096.003.0004
https://doi.org/10.1093/oso/9780192847096.003.0004