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Taschenbuch. Condizione: Neu. Rates of Return on Corporate Investment: An International Comparison | Besim Burcin Yurtoglu | Taschenbuch | 112 S. | Englisch | 2000 | [.] | EAN 9783838626130 | Verantwortliche Person für die EU: Dryas Verlag, ein Imprint der Bedey und Thoms Media GmbH, Hermannstal 119k, 22119 Hamburg, kontakt[at]dryas[dot]de | Anbieter: preigu.

Taschenbuch. Condizione: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Doctoral Thesis / Dissertation from the year 1996 in the subject Business economics - Investment and Finance, grade: 1,0, University of Vienna (Sozial- und Wirtschaftswissenschaften), language: English, abstract: Inhaltsangabe:Abstract:In the 1980s many U.S. companies restructured. This was a reaction to the striking deterioration in the performance of 1970s. In the 1990s studies emerged making similar observations for the European companies (De Jong, 1995). Explanations for this poor performance often focus an the quality of corporate investment decisions. In particular, several authors (Marris, 1964; Mueller, 1972) suggested convincing theoretical arguments which were backed with empirical support (Baumol et al (1970), Grabowski and Mueller (1975), Shinnar et al (1989), and Mueller and Reardon (1993)) that managerial discretion was at the heart of this problem.This paper provides estimates of rates of return an investment using a newly developed efficient markets approach by D.C. Mueller and E. Reardon (1993). This technique relates a firm's investment performance relative to cost over a given period of time to the change in its market value. Making assumptions about efficiency of the capital markets and depreciation, it enables to infer a rate of return relative to the cost of funds which are used to finance investment. We present this measure of investment performance (c) for 2868 companies from 27 countries over the 1984--1994 period. Though estimates for the whole sample show a large fraction of firms earning returns to investment below the opportunity cost of capital for their owners over the last decade, individual countries and industries demonstrated considerable heterogeneity in investment performance.The results suggest for the U.S. a better investment performance in the last decade than over the 1970s. The best performance comes from the Asian companies, whereas the European and Scandinavian companies occupy a place between these two country groups.In addition to this, we can make three important observations. First, we are able to establish strong empirical evidence that a large number of companies in the sample have invested above the levels that were consistent with shareholder wealth maximization in the last decade. Second, this overinvestment problem is more pronounced for the European and Anglo-Saxon companies. And, third, low returns an investment are highly correlated with the use of internally generated funds. The companies that make greater use of the external capital markets have an average higher returns an their investments.Inhaltsverzeichnis:Table of Contents:Acknowledgements3Abstract4List of Tables6Introduction71.Review of the Literature an the Returns to Corporate Investment112.Calculation of the Rates of Return On Corporate Investment212.1The Methodology212.2The Data332.3The Results333.Discussion3.1The Efficient Markets Hypothesis423.2The Sample Period443.3Depreciation474.Estimation of Depreciation and Returns an Corporate Investment4.1The Methodology534.2Cross-Section Estimates655.Financing Decisions and Returns an Different Sources of Investment5.1Returns an Different Sources of Investment705.2Free Cash Flow Hypothesis and Returns an Investment816.Summary and Concluding Remarks6.1Summary866.2Implications for Investment Policy886.3Implications for Corporate Governance91AppendicesData and Calculation of Variables94Bibliography97 112 pp. Englisch.

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Condizione: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Doctoral Thesis / Dissertation from the year 1996 in the subject Business economics - Investment and Finance, grade: 1,0, University of Vienna (Sozial- und Wirtschaftswissenschaften), language: English, abstract: Inhaltsangabe:Abstract:In the 1980s ma.

Taschenbuch. Condizione: Neu. This item is printed on demand - Print on Demand Titel. Neuware -Inhaltsangabe:Abstract:In the 1980s many U.S. companies restructured. This was a reaction to the striking deterioration in the performance of 1970s. In the 1990s studies emerged making similar observations for the European companies (De Jong, 1995). Explanations for this poor performance often focus an the quality of corporate investment decisions. In particular, several authors (Marris, 1964; Mueller, 1972) suggested convincing theoretical arguments which were backed with empirical support (Baumol et al (1970), Grabowski and Mueller (1975), Shinnar et al (1989), and Mueller and Reardon (1993)) that managerial discretion was at the heart of this problem.This paper provides estimates of rates of return an investment using a newly developed efficient markets approach by D.C. Mueller and E. Reardon (1993). This technique relates a firm's investment performance relative to cost over a given period of time to the change in its market value. Making assumptions about efficiency of the capital markets and depreciation, it enables to infer a rate of return relative to the cost of funds which are used to finance investment. We present this measure of investment performance (c) for 2868 companies from 27 countries over the 1984--1994 period. Though estimates for the whole sample show a large fraction of firms earning returns to investment below the opportunity cost of capital for their owners over the last decade, individual countries and industries demonstrated considerable heterogeneity in investment performance.The results suggest for the U.S. a better investment performance in the last decade than over the 1970s. The best performance comes from the Asian companies, whereas the European and Scandinavian companies occupy a place between these two country groups.In addition to this, we can make three important observations. First, we are able to establish strong empirical evidence that a large number of companies in the sample have invested above the levels that were consistent with shareholder wealth maximization in the last decade. Second, this overinvestment problem is more pronounced for the European and Anglo-Saxon companies. And, third, low returns an investment are highly correlated with the use of internally generated funds. The companies that make greater use of the external capital markets have an average higher returns an their investments.Inhaltsverzeichnis:Table of Contents:Acknowledgements3Abstract4List of [¿]Diplomica Verlag, Hermannstal 119k, 22119 Hamburg 112 pp. Englisch.

Taschenbuch. Condizione: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - Doctoral Thesis / Dissertation from the year 1996 in the subject Business economics - Investment and Finance, grade: 1,0, University of Vienna (Sozial- und Wirtschaftswissenschaften), language: English, abstract: Inhaltsangabe:Abstract:In the 1980s many U.S. companies restructured. This was a reaction to the striking deterioration in the performance of 1970s. In the 1990s studies emerged making similar observations for the European companies (De Jong, 1995). Explanations for this poor performance often focus an the quality of corporate investment decisions. In particular, several authors (Marris, 1964; Mueller, 1972) suggested convincing theoretical arguments which were backed with empirical support (Baumol et al (1970), Grabowski and Mueller (1975), Shinnar et al (1989), and Mueller and Reardon (1993)) that managerial discretion was at the heart of this problem.This paper provides estimates of rates of return an investment using a newly developed efficient markets approach by D.C. Mueller and E. Reardon (1993). This technique relates a firm's investment performance relative to cost over a given period of time to the change in its market value. Making assumptions about efficiency of the capital markets and depreciation, it enables to infer a rate of return relative to the cost of funds which are used to finance investment. We present this measure of investment performance (c) for 2868 companies from 27 countries over the 1984--1994 period. Though estimates for the whole sample show a large fraction of firms earning returns to investment below the opportunity cost of capital for their owners over the last decade, individual countries and industries demonstrated considerable heterogeneity in investment performance.The results suggest for the U.S. a better investment performance in the last decade than over the 1970s. The best performance comes from the Asian companies, whereas the European and Scandinavian companies occupy a place between these two country groups.In addition to this, we can make three important observations. First, we are able to establish strong empirical evidence that a large number of companies in the sample have invested above the levels that were consistent with shareholder wealth maximization in the last decade. Second, this overinvestment problem is more pronounced for the European and Anglo-Saxon companies. And, third, low returns an investment are highly correlated with the use of internally generated funds. The companies that make greater use of the external capital markets have an average higher returns an their investments.Inhaltsverzeichnis:Table of Contents:Acknowledgements3Abstract4List of Tables6Introduction71.Review of the Literature an the Returns to Corporate Investment112.Calculation of the Rates of Return On Corporate Investment212.1The Methodology212.2The Data332.3The Results333.Discussion3.1The Efficient Markets Hypothesis423.2The Sample Period443.3Depreciation474.Estimation of Depreciation and Returns an Corporate Investment4.1The Methodology534.2Cross-Section Estimates655.Financing Decisions and Returns an Different Sources of Investment5.1Returns an Different Sources of Investment705.2Free Cash Flow Hypothesis and Returns an Investment816.Summary and Concluding Remarks6.1Summary866.2Implications for Investment Policy886.3Implications for Corporate Governance91AppendicesData and Calculation of Variables94Bibliography97.