1
حسابداری و مالی::
سیاست سرمایهگذاری تعادلی
We characterize the adjusted user cost of capital that determines the firm's equilibrium investment policy and show that it monotonically de- creases in the precision of accounting reports.5 When accounting disclosure are completely uninformative, the adjusted user cost of capital is infinite and the firm does not invest at all.
The equilibrium investment policy becomes more efficient as accounting reports become more informative (i.e.
We note that while the firm's equilibrium investment policy is determined by the adjusted user cost of capital, its economic profits included in the price of its equity in equation (17) are calculated relative to the unadjusted user cost of capital.
The proof of Proposition 4 shows that the equilibrium investment policy is characterized by the adjusted user cost of capital, c∗, which is given by the following expression:
As in the previous section, let πt∗+τ denote the firm's economic profit in period t+τ calculated relative to the unadjusted user cost of capital, c, under the equilibrium investment policy:
واژگان شبکه مترجمین ایران