Finance, investment and macroeconomics: the neoclassical and a post Keynesian solution
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Aldershot u.a.
Elgar
1994
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006416351&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XIV, 213 S. graph. Darst. |
| ISBN: | 1852788798 1852789107 |
Internformat
MARC
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| 245 | 1 | 0 | |a Finance, investment and macroeconomics |b the neoclassical and a post Keynesian solution |c Myron J. Gordon |
| 264 | 1 | |a Aldershot u.a. |b Elgar |c 1994 | |
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| 650 | 7 | |a Financiering |2 gtt | |
| 650 | 7 | |a Investeringen |2 gtt | |
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| 650 | 4 | |a Macro-économie | |
| 650 | 7 | |a Neoklassieke school |2 gtt | |
| 650 | 7 | |a Postkeynesianisme |2 gtt | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Finance -- Econometric models | |
| 650 | 4 | |a Investments -- Econometric models | |
| 650 | 4 | |a Macroeconomics | |
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Datensatz im Suchindex
| _version_ | 1819376254298619904 |
|---|---|
| adam_text | Contents
List of illustrations ix
Preface xi
PARTI INTRODUCTION
1 Macroeconomic Motivation 3
Neoclassical Macro Model 3
Keynes s Macro Model 5
Synthesis of the Two Models 7
Investment under Uncertainty 9
2 Neoclassical Theory of Finance and Investment 12
Portfolio Investors and Corporations 13
Value Maximization Proposition 15
Capital Structure Proposition 18
Dividend Policy Proposition 19
Equal Opportunity Proposition 21
Gordon Growth Model 23
Empirical Performance 25
3 A Post Keynesian Theory of Finance and Investment 28
Description of the Variables 29
Probability of Long Run Survival 33
Consumption and Investment Behaviour 36
Extensions and Implications 39
PART II NEOCLASSICAL THEORY
4 Neoclassical Theory on Capital Structure 47
with Trevor Chamberlain
Evidence on the Theory 48
v
vi Contents
Its Continued Defence 50
Other Market Imperfections 52
Evidence Ignored 53
Agency Costs, Asymmetric Information and
Signalling 56
Conclusion 59
5 Neoclassical Theory on Dividend Policy 61
with Trevor Chamberlain
Evidence on the Theory 62
Subsequent Research on Dividend Policy 65
Asymmetric Information and Signalling 67
A Theory that Explains Practice 69
6 Alternative Models and their Cost of Equity Capital
Estimates 72
Models of Valuation 73
Theoretical Basis and Empirical Use 76
Evidence on the Models 79
Discussion of the Estimates 83
Conclusions 87
PART III A POST KEYNESIAN THEORY
7 Investment Policy and Long Run Survival for a Portfolio
Investor 93
Problem of Long Run Survival 94
Literature on Portfolio Policy 97
Optimal Portfolio Policy 100
Simulation of Alternative Policies 105
Conclusion 113
8 Pursuit of Security and the Stability of a Keynesian
System 117
Rate of Profit and Rate of Growth 119
Corporations and Government 123
Portfolio Investors 125
Dynamic Behaviour of the Variables 128
Conclusions 133
Contents vii
9 A Macro Model with a Micro Foundation 135
Description of the System 137
Survival in a Closed System 141
Adjustment for Inflation 149
Government Debt and New Proprietors 151
Conclusions 155
PART IV A THEORY OF ECONOMIC SYSTEMS
10 Growth, Security and the Transformation of Economic
Systems Over Time 161
Statement of the Theory 161
Rise of Feudalism 165
Transition to Capitalism 170
Capitalism s Growth Imperative 175
Socialization of Capitalism 181
Transition to Socialism? 185
References 194
Index 207
Illustrations
FIGURES
2.1 Variation in return on investment, cost of capital and
share yield with investment rate 24
6.1 Marginal rate of return on investment and cost of
equity capital 76
8.1 Relations between the yield on a share and its
market value 129
8.2 Behaviour of financial variables over time 132
TABLES
6.1 Means and standard deviations of the sample variables 81
6.2 Regression statistics for alternative valuation models 82
6.3 Estimates of the cost of capital under alternative
valuation models and long term bond yield 83
7.1 Growth and net worth statistics under a consumption/
investment policy of c = 0.095, Co = 0, t = 1.0 106
7.2 Growth and net worth statistics under a consumption/
investment policy of c = 0.095, Co = 0, t = 0.64 108
7.3 Growth and net worth statistics under a consumption/
investment policy of c = 0.070, Co = 5, t = 0.64 109
7.4 Growth and net worth statistics under a consumption/
investment policy of c = 0.025, Co = 4, t = 0.67 110
7.5 Growth and net worth statistics under a consumption/
investment policy of c = 0.025, Co 4, and t, 111
7.6 Growth and net worth statistics under a consumption/
investment policy of c = 0.015, Co = 3, t = 0.65 113
9.1 Numbers of proprietors that survive and their average
net worth 143
9.2 Number of proprietors that survive and their average
net worth with an upper limit on investment 144
ix
x Illustrations
9.3 Number of proprietors that survive under two
investment and various consumption policies 146
9.4 Number of proprietors that survive under two
consumption and various investment policies 148
9.5 Number of proprietors that survive under alternative
regimes for government deficits and new proprietors 152
|
| any_adam_object | 1 |
| author | Gordon, Myron J. 1920- |
| author_GND | (DE-588)134262670 |
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| dewey-ones | 332 - Financial economics |
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| dewey-search | 332 20 332 |
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV009699938 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T09:40:48Z |
| institution | BVB |
| isbn | 1852788798 1852789107 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006416351 |
| oclc_num | 27895523 |
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| physical | XIV, 213 S. graph. Darst. |
| publishDate | 1994 |
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| spellingShingle | Gordon, Myron J. 1920- Finance, investment and macroeconomics the neoclassical and a post Keynesian solution Finances - Modèles économétriques Financiering gtt Investeringen gtt Investissements - Modèles économétriques Macro-economie gtt Macro-économie Neoklassieke school gtt Postkeynesianisme gtt Ökonometrisches Modell Finance -- Econometric models Investments -- Econometric models Macroeconomics Neokeynesianismus (DE-588)4138182-8 gnd Investitionstheorie (DE-588)4162257-1 gnd Ökonometrisches Modell (DE-588)4043212-9 gnd Investition (DE-588)4027556-5 gnd Neoklassische Theorie (DE-588)4115360-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4138182-8 (DE-588)4162257-1 (DE-588)4043212-9 (DE-588)4027556-5 (DE-588)4115360-1 (DE-588)4017182-6 |
| title | Finance, investment and macroeconomics the neoclassical and a post Keynesian solution |
| title_auth | Finance, investment and macroeconomics the neoclassical and a post Keynesian solution |
| title_exact_search | Finance, investment and macroeconomics the neoclassical and a post Keynesian solution |
| title_full | Finance, investment and macroeconomics the neoclassical and a post Keynesian solution Myron J. Gordon |
| title_fullStr | Finance, investment and macroeconomics the neoclassical and a post Keynesian solution Myron J. Gordon |
| title_full_unstemmed | Finance, investment and macroeconomics the neoclassical and a post Keynesian solution Myron J. Gordon |
| title_short | Finance, investment and macroeconomics |
| title_sort | finance investment and macroeconomics the neoclassical and a post keynesian solution |
| title_sub | the neoclassical and a post Keynesian solution |
| topic | Finances - Modèles économétriques Financiering gtt Investeringen gtt Investissements - Modèles économétriques Macro-economie gtt Macro-économie Neoklassieke school gtt Postkeynesianisme gtt Ökonometrisches Modell Finance -- Econometric models Investments -- Econometric models Macroeconomics Neokeynesianismus (DE-588)4138182-8 gnd Investitionstheorie (DE-588)4162257-1 gnd Ökonometrisches Modell (DE-588)4043212-9 gnd Investition (DE-588)4027556-5 gnd Neoklassische Theorie (DE-588)4115360-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Finances - Modèles économétriques Financiering Investeringen Investissements - Modèles économétriques Macro-economie Macro-économie Neoklassieke school Postkeynesianisme Ökonometrisches Modell Finance -- Econometric models Investments -- Econometric models Macroeconomics Neokeynesianismus Investitionstheorie Investition Neoklassische Theorie Finanzierung |
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