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SUMMARY:Measuring Marginal q
DTSTART:20141031T103000
DTEND:20141031T120000
DTSTAMP:20260407T065934Z
UID:dd7500adf97b26ebb1ddc5e3cf38989fd9607a0e65d9eace5de32ffd
CATEGORIES:Conferences - Seminars
DESCRIPTION:Vito GALA (London Business School)\nUsing asset prices I estim
 ate the marginal value of capital under general assumptions about technolo
 gy and preferences. The state-space measure of marginal q relies on the jo
 int measurability of the value function\, i.e. .firm market value\, and it
 s underlying firm state variables. Unlike existing methodologies\, the sta
 te-space measure of marginal q requires only very few general restrictions
  on the stochastic discount factor and the firm investment technology\, an
 d it uses only market  values maximally correlated with the underlying st
 ate variables implied by the model. Consistently with a large class of neo
 classical investment models\, I construct the state-space marginal q using
  the firm capital stock and profitability shocks. I show how this new meas
 ure of real investment opportunities increases the correlation with invest
 ment and provides more plausible and robust estimates of capital adjustmen
 t costs.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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