Optimal Investment, Growth Options and Security Returns

Preprint

preprint

Published in RePEc

Abstract

An explicit expression for a firm's expected return is developed in a dynamic model of investment at the firm level. Each period, the firm has an option to invest. Past investment decisions account for the firm's existing asset base which is assumed

Keywords

EXPLICIT EXPRESSION
OPTIMAL INVESTMENT
DECISIONS ACCOUNT
SECURITY RETURNS
FIRM'S EXISTING
GROWTH OPTIONS
EXISTING ASSET
ASSET BASE

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Version 1, RePEc

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