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حسابداری و مالی::
اولین و برترین سطح
ically, we find that firms with high expected growth in demand overinvest relative to the first-best levels, whereas firms facing low demand growth rates underinvest.
of accounting report, h, and approach the first-best levels as the accounting reports become perfectly informative (i.e.
Therefore, the equilibrium investment levels are increasing in h and µ and can be above or below the first-best levels.
Corollary 3: In equilibrium with unobservable investments, the firm under- invests relative to the first-best levels if
or lower than the first-best levels.
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