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Asset Pricing Implications of Non-Convex Adjustment Costs and Irreversibility of Investment
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Asset Pricing Implications of Non-Convex Adjustment Costs and Irreversibility of Investment
Asset Pricing Implications of Non-Convex Adjustment Costs and Irreversibility of Investment
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Ilan Cooper
Ilan Cooper
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1 January 2003
preprint
Published by
Elsevier BV
in
SSRN Electronic Journal
https://doi.org/10.2139/ssrn.423923
Abstract
This paper derives a real options model that accounts for the value premium in stock returns. If real investment is largely irreversible, the book value of a di
Keywords
MODEL
CONVEX
ASSET
PRICING IMPLICATIONS
STOCK
BOOK
PREMIUM
ACCOUNTS
All Articles
Open Access
Cited by 6 articles