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A Neo-Austrian Perspective on the Value of Growth Prospects

Listed author(s):
  • Andrea Mantovi

    ()

    (Dipartimento di Economia, Università di Parma, Italy; The Rimini Centre for Economic Analysis, Italy)

  • Augusto Schianchi

    ()

    (Dipartimento di Economia, Università di Parma, Italy)

The valuation framework inherent t the neo-Austrian theory of capital set forth by Hick’s (1973) is discussed in terms of a fundamental formula which disentangles the profitability associated with the scale of operation from the internal rate of return of the production process. The formula is employed to tailor a perspective on the value of investment prospects, meant to complement the insights embodied by Tobin’s q metric. Balance sheet recessions are briefly discussed as a cogent line of application of four formula. Potential lines of progress are envisioned.

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Paper provided by The Rimini Centre for Economic Analysis in its series Working Paper Series with number 15-41.

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Date of creation: Nov 2015
Handle: RePEc:rim:rimwps:15-41
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  1. Man-Seop Park, 2015. "The Impossibility of Capitalist Instantaneous Production," Metroeconomica, Wiley Blackwell, vol. 66(1), pages 28-50, 02.
  2. Buser, Stephen A, 1986. " LaPlace Transforms as Present Value Rules: A Note," Journal of Finance, American Finance Association, vol. 41(1), pages 243-247, March.
  3. Lindenberg, Eric B & Ross, Stephen A, 1981. "Tobin's q Ratio and Industrial Organization," The Journal of Business, University of Chicago Press, vol. 54(1), pages 1-32, January.
  4. Gauti B. Eggertsson & Paul Krugman, 2012. "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 127(3), pages 1469-1513.
  5. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474, March.
  6. Thomas R. Stauffer, 1971. "The Measurement of Corporate Rates of Return: A Generalized Formulation," Bell Journal of Economics, The RAND Corporation, vol. 2(2), pages 434-469, Autumn.
  7. R. Violi, 1985. "Sentiero di traversa e convergenza," Working Papers 14, Dipartimento Scienze Economiche, Universita' di Bologna.
  8. Dorfman, Robert, 1969. "An Economic Interpretation of Optimal Control Theory," American Economic Review, American Economic Association, vol. 59(5), pages 817-831, December.
  9. Darrell E. Lee & James G. Tompkins, 1999. "A Modified Version of the Lewellen and Badrinath Measure of Tobin's Q," Financial Management, Financial Management Association, vol. 28(1), Spring.
  10. Franco Nardini, 1994. "Delayed Response To Shocks In The Neo-Austrian Model: Characteristics Of The Traverse Path," Metroeconomica, Wiley Blackwell, vol. 45(1), pages 17-46, 02.
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