Tobin’s q theory
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Tobin's q theory is a ratio that compares the market value of a company to the replacement cost of its assets. A ratio below 1 implies the stock is undervalued, while above 1 means it is overvalued. This ratio is used to inform investment decisions. It is calculated by dividing a firm's market value by the book value of its assets. While Tobin's q theory was shown to predict investment in 1960-1974, later data showed the ratio and investment diverging, calling into question how accurately it forecasts capital expenditures.
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Tobin's Portfolio demand for money
Tobin criticized Keynes' assumption that individuals only hold assets as bonds or cash. Instead, Tobin proposed that individuals hold a portfolio of various assets to strike a balance between risk and return. These portfolios include money, bonds, property, and other assets. According to Tobin, individuals prefer less risk and are uncertain about future interest rates. They therefore choose a combination of less risky but less productive safe assets and more risky but more productive assets. Tobin also showed that an individual's demand for money is inversely related to the interest rate, as higher rates make money less attractive compared to bonds.
Patinkin real balance effect
Don Patinkin criticized the neoclassical assumptions of homogeneity and dichotomization. He proposed the real balance effect to reconcile goods and money markets. The real balance effect posits that changes in the price level affect real purchasing power, which impacts demand for goods. When prices rise, real balances and goods demand fall, pushing prices back down. This feedback loop between prices, real balances, and goods demand is represented using the IS-LM model, where a fall in prices shifts the LM curve right, raising output and employment until full employment is reached. Patinkin argues this real balance effect denies the homogeneity assumption and integrates goods and money markets.
Friedmans theory of demand
Friedman developed a theory of demand for money that asserts it is a function of total wealth, the division of wealth between human and non-human forms, rates of return on various assets, and other influences on tastes and preferences. His demand for money function includes variables like income, asset prices, and interest rates. Empirical studies found the demand for money is stable and more related to permanent income than current income. For underdeveloped countries, demand may be interest-inelastic and influenced more by expected price changes than interest rates due to financial and economic dualism.
Restatement of quantity theory of money
Milton Friedman proposed a restatement of the Quantity Theory of Money (QTM) that incorporated permanent real income and wealth. He argued that the demand for money depends on total wealth, expected returns on various assets, and tastes/preferences. Friedman defined permanent real income as the sustainable level of income without reducing wealth over time. His equation for the QTM included factors like the money stock, the price level, permanent income, expected rates of return on different assets, and other variables. While improving on prior theories, Friedman's restatement still had limitations like subjective terms that are hard to measure and challenges maintaining a steady money supply in a modern economy.
Classical theory of employment
In Macroeconomics Income and Employment are interchangeable terms, since in the short-run National income depends on the total volume of employment or economic activity in the country. As income and employment are synonymous the employment theory is also called income theory.
It should be clear to readers that the classical economists did not formulate any specific theory of employment as such. They only laid down certain postulates which subsequently developed as a theory.
Baumol's model of demand for money
The Baumol model describes money demand as a tradeoff between liquidity and interest rate returns. It assumes consumers can keep income as cash or in savings accounts. Cash earns no interest while savings accounts pay interest i, the opportunity cost of holding cash. Consumers minimize costs by choosing the optimal number of trips N to the bank to withdraw cash. Their average money holdings is Y/2N. The Baumol-Tobin money demand function shows real money demand depends positively on income and withdrawal costs, and negatively on the interest rate.
Liquidity Preference Theory
The Liquidity Preference Theory suggests that investors demand higher interest rates for longer term investments because cash is considered the most liquid asset. There are three motives for demanding money: transaction motives for daily needs, precautionary motives for unexpected events, and speculative motives based on interest rate fluctuations. The total demand for money is the sum of these three motives and is determined by income and interest rates. Interest rates are set by the point where the total demand for money equals the fixed money supply as determined by the central bank, with the demand curve sloping downward and the supply curve being vertical.
Mundell fleming model
The Mundell-Fleming model is an extension of the IS-LM model that accounts for an open economy with international capital flows and exchange rates. It shows how fiscal and monetary policy can affect output and exchange rates under both fixed and flexible exchange rate regimes. Under flexible exchange rates, expansionary domestic policies may be offset by currency appreciation, while under fixed rates they may lead to balance of payments deficits. The model suggests using different combinations of fiscal and monetary policies to achieve objectives like boosting output while maintaining a stable currency value.
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Tobin's Portfolio demand for money
Tobin criticized Keynes' assumption that individuals only hold assets as bonds or cash. Instead, Tobin proposed that individuals hold a portfolio of various assets to strike a balance between risk and return. These portfolios include money, bonds, property, and other assets. According to Tobin, individuals prefer less risk and are uncertain about future interest rates. They therefore choose a combination of less risky but less productive safe assets and more risky but more productive assets. Tobin also showed that an individual's demand for money is inversely related to the interest rate, as higher rates make money less attractive compared to bonds.
Patinkin real balance effect
Don Patinkin criticized the neoclassical assumptions of homogeneity and dichotomization. He proposed the real balance effect to reconcile goods and money markets. The real balance effect posits that changes in the price level affect real purchasing power, which impacts demand for goods. When prices rise, real balances and goods demand fall, pushing prices back down. This feedback loop between prices, real balances, and goods demand is represented using the IS-LM model, where a fall in prices shifts the LM curve right, raising output and employment until full employment is reached. Patinkin argues this real balance effect denies the homogeneity assumption and integrates goods and money markets.
Friedmans theory of demand
Friedman developed a theory of demand for money that asserts it is a function of total wealth, the division of wealth between human and non-human forms, rates of return on various assets, and other influences on tastes and preferences. His demand for money function includes variables like income, asset prices, and interest rates. Empirical studies found the demand for money is stable and more related to permanent income than current income. For underdeveloped countries, demand may be interest-inelastic and influenced more by expected price changes than interest rates due to financial and economic dualism.
Restatement of quantity theory of money
Milton Friedman proposed a restatement of the Quantity Theory of Money (QTM) that incorporated permanent real income and wealth. He argued that the demand for money depends on total wealth, expected returns on various assets, and tastes/preferences. Friedman defined permanent real income as the sustainable level of income without reducing wealth over time. His equation for the QTM included factors like the money stock, the price level, permanent income, expected rates of return on different assets, and other variables. While improving on prior theories, Friedman's restatement still had limitations like subjective terms that are hard to measure and challenges maintaining a steady money supply in a modern economy.
Classical theory of employment
In Macroeconomics Income and Employment are interchangeable terms, since in the short-run National income depends on the total volume of employment or economic activity in the country. As income and employment are synonymous the employment theory is also called income theory.
It should be clear to readers that the classical economists did not formulate any specific theory of employment as such. They only laid down certain postulates which subsequently developed as a theory.
Baumol's model of demand for money
The Baumol model describes money demand as a tradeoff between liquidity and interest rate returns. It assumes consumers can keep income as cash or in savings accounts. Cash earns no interest while savings accounts pay interest i, the opportunity cost of holding cash. Consumers minimize costs by choosing the optimal number of trips N to the bank to withdraw cash. Their average money holdings is Y/2N. The Baumol-Tobin money demand function shows real money demand depends positively on income and withdrawal costs, and negatively on the interest rate.
Liquidity Preference Theory
The Liquidity Preference Theory suggests that investors demand higher interest rates for longer term investments because cash is considered the most liquid asset. There are three motives for demanding money: transaction motives for daily needs, precautionary motives for unexpected events, and speculative motives based on interest rate fluctuations. The total demand for money is the sum of these three motives and is determined by income and interest rates. Interest rates are set by the point where the total demand for money equals the fixed money supply as determined by the central bank, with the demand curve sloping downward and the supply curve being vertical.
Mundell fleming model
The Mundell-Fleming model is an extension of the IS-LM model that accounts for an open economy with international capital flows and exchange rates. It shows how fiscal and monetary policy can affect output and exchange rates under both fixed and flexible exchange rate regimes. Under flexible exchange rates, expansionary domestic policies may be offset by currency appreciation, while under fixed rates they may lead to balance of payments deficits. The model suggests using different combinations of fiscal and monetary policies to achieve objectives like boosting output while maintaining a stable currency value.
Relative income hypothesis
The document summarizes the relative income hypothesis proposed by Dusenberry in 1949. The key points are:
1) Dusenberry argued that consumption depends more on a person's relative income position compared to others in their community, rather than their absolute income level. People will consume more if they live in wealthier communities to maintain their standard of living.
2) In the short run, the average propensity to consume is greater than the marginal propensity to consume and the relationship between income and consumption is not proportional. In the long run, consumption increases proportionally with income and the average propensity to consume equals the marginal propensity to consume.
3) Dusenberry also believed consumption
Demand for Money
This document summarizes theories of money demand, including the quantity theory of money and Keynes' liquidity preference theory. The quantity theory views money demand as a function of income only, while Keynes argued it depends on both income and interest rates. Later economists like Tobin and Baumol refined Keynes' model by showing transaction demand also responds to interest rates due to opportunity costs of holding money. Precautionary and speculative demand motives are likewise negatively related to interest rates.
IS-LM Analysis
This document provides an outline and explanation of IS-LM analysis and how it can be used to derive the aggregate demand curve. It begins by explaining why IS-LM analysis was developed as a synthesis of classical and Keynesian thought. It then defines the IS curve as representing goods market equilibrium and the LM curve as representing money market equilibrium. It shows how the intersection of the IS and LM curves determines the equilibrium interest rate and level of output. It further explains how shifts in the IS and LM curves affect this equilibrium and can be used to trace the aggregate demand curve. Fiscal and monetary policy shifts are also discussed through their impacts on the IS and LM curves.
Neo classical theory of interest
The neoclassical theory of interest, or loanable funds theory, holds that the interest rate is determined by the supply and demand for loanable funds. The demand for loanable funds comes from investment, consumption/dissaving, and hoarding. The supply comes from savings, bank credit, dishoarding, and disinvestment. The interest rate reaches equilibrium when the total demand for loanable funds equals the total supply. Critics argue the theory assumes full employment, does not precisely determine the interest rate, and is impractical.
Solow model of growth
Prof R.M solow gave this model as an alternative to Harrod domar model of growth. It is a basic neo-classical model.
MUNDELL FLEMING MODEL
The Mundell-Fleming model is an extension of the IS-LM model that includes the joint determination of net exports and currency value. It suggests that fiscal expansion with monetary contraction would boost the currency value and reduce net exports, while fiscal contraction and monetary expansion would boost net exports and reduce the currency value. However, expectations play a major role in determining outcomes. Under Reagan, expectations of growth from tax cuts led to a higher dollar and lower net exports, while under Clinton, expectations of growth from spending cuts had the same effect despite different policies.
Bain’s limit pricing model
The document discusses Bain's limit pricing model. It states that under Bain's model, oligopoly firms do not maximize profits in the short run due to fear of attracting potential new entrants. Instead, firms fix a price on the inelastic portion of the demand curve called the limit price, which is the highest price that deters new firm entry. The limit price allows existing firms to earn abnormal profits above competitive levels but below monopoly profits, maintaining market stability. Diagrams are included showing the limit price between the perfect competition and monopoly price points.
Philips curve
The Philip curve shows an inverse relationship between the rate of unemployment and the rate of change in money wages in the short run. Friedman argued that in the long run, there is no tradeoff between inflation and unemployment - the Philip curve becomes vertical at the natural rate of unemployment, which is the rate where expected and actual inflation are equal. Temporary reductions in unemployment below the natural rate are only possible if inflation rises above expectations, but eventually expectations will adjust and unemployment will return to the natural rate, even as inflation accelerates.
Structuralist theory of inflation
This document outlines the structural theory of inflation in less developed countries. It discusses how structural defects and bottlenecks exist in these economies that cause inflation, making the traditional quantity theory of money not applicable. Three main types of bottlenecks are described: agricultural bottlenecks due to issues like land ownership that limit food production growth; government resource constraints that force them to print money to fund infrastructure projects leading to inflation; and foreign exchange bottlenecks from low exports and high import payments causing currency devaluations and price increases. The structural theory argues these bottlenecks must be addressed through balanced investment instead of just monetary or demand-side policies to effectively reduce inflation in less developed economies.
Quantity theory of money
1) Statement to Quantity Theory of Money
2) Graph illustration and Pictorial description of QTM
3) Different Approaches to QTM
4) Fisher's Transaction Approach Description
5) Assumptions of Fisher's Transaction Approach
6) Conclusion
4. domar's growth model
Domar's growth model from 1946 analyzes how a capitalist economy can grow at a constant rate after reaching full employment. It assumes aggregate supply equals aggregate demand during steady growth. The model shows that for steady growth, the rates of investment, capital stock growth, output growth, and employment growth must all be equal. It derives the equation that the growth rate equals the savings ratio multiplied by the incremental output-capital ratio. Investment has dual effects of increasing both aggregate demand and productive capacity in the long-run.
Methodology of Econometrics / Hypothesis Testing
This document discusses key concepts in hypothesis testing in econometrics, including:
1) Hypotheses can be simple, specifying all parameters, or composite, specifying some parameters.
2) The null hypothesis is the initial hypothesis being tested, often of no difference. The alternative hypothesis is complementary to the null.
3) Data can be collected through sampling, experiments, or other sources and is either primary or secondary.
4) Hypothesis testing involves statistical procedures to decide whether to accept or reject the null hypothesis. If accepted, the theory can be used for forecasting, prediction, or policy recommendations.
Model of endogenous growth the ak model
This document provides an overview of the AK model of endogenous economic growth. It discusses how the AK model addresses limitations of previous exogenous growth models. The key aspects of the AK model are:
- It models economic output as a linear function of capital stock, without diminishing returns to capital.
- This allows for perpetual long-run growth, unlike exogenous models which predict convergence to a steady state.
- The growth rate depends on savings rate and the level of technology, represented by the parameter A. Improvements in A can permanently increase the growth rate.
Patinkin's Real Balance Effect
Patinkin argues that the classical dichotomy between real and monetary sectors is invalid. When the money supply changes, it affects relative prices through the real balance effect. Specifically:
1) If money supply increases, prices rise proportionally. This reduces the real value of cash balances and lowers demand for goods, putting downward pressure on prices.
2) The real balance effect restores equilibrium by linking demand for goods and money - if prices fall, real balances and demand for goods rise, putting upward pressure back on prices.
3) Therefore, changes in the money supply can change the price level without affecting relative prices, reconciling monetary and real factors and invalidating the dichotomy between the two.
Presentation on keynesian theory
This document provides an overview of classical and Keynesian theories of income and employment. It discusses key differences between the two theories, including how they determine full employment. The classical theory believes full employment is the normal state, while Keynes argued unemployment can persist due to insufficient aggregate demand. The document then explains Keynesian concepts like aggregate demand, consumption, investment and their relationship to national income and output. It also outlines Keynes' model and equilibrium conditions between markets.
Pareto optimality
The document discusses general equilibrium theory and its key assumptions and implications. It addresses the following points in 3 sentences:
General equilibrium theory posits that all markets, including both product and factor markets, will reach equilibrium simultaneously. This equilibrium will be Pareto optimal, meaning no individual can be made better off without making another worse off due to optimal resource allocation. The model assumes perfect competition, constant returns to scale, and that equilibrium is determined by price adjustments across interconnected markets.
Multiplier-Accelerator Interaction
The document summarizes Samuelson's model of business cycles, which relates economic fluctuations to the interaction between the multiplier and accelerator effects. It explains that the multiplier amplifies changes in autonomous investment and consumption, while the accelerator reinforces increases in income through further induced investment. The model is represented mathematically to show how different combinations of the multiplier and accelerator can produce equilibrium, damped cycles, explosive cycles, or cycles of constant amplitude to describe business cycle patterns.
Permanent income hypothesis
Permanent income hypothesis states that consumption is based on permanent income rather than current income. Permanent income refers to income that is expected to persist in the future, while transitory income does not persist. According to the hypothesis, people smooth consumption in response to transitory income variations by using savings and borrowing. The hypothesis assumes tastes and interest rates remain stable over time. In the short run, the consumption function shows consumption is less proportional to income than in the long run, where proportionality is achieved through savings adjustments. Critics argue the hypothesis ignores differences in preferences between rich and poor and does not account for effects of windfalls on consumption.
Absolute income hypothesis
This document outlines the Absolute Income Hypothesis theory presented by Keynes in 1936. The theory states that as absolute income increases, the proportion of that income spent on consumption decreases. So while consumption increases with more income, the rate of increase declines. Key points include consumption (C) increasing at a decreasing rate as income (Y) rises, the average propensity to consume (APC) decreasing as income rises, and the theory showing consumption-income relationships in both the short run and long run.
Dummy variables
This document discusses the use of dummy variables in econometric modeling. It begins by explaining that some variables cannot be quantified numerically and provides examples where dummy variables would be used. It then discusses how dummy variables are incorporated into regression models, including intercept dummy variables, slope dummy variables, and dummy variables for multiple categories. The document also covers seasonal dummy variables and concludes by explaining the Chow test and dummy variable test for testing structural stability using dummy variables.
James tobin
James Tobin (1918-2002) was an American economist who made important contributions in monetary economics. He is known for proposing the Tobin tax on currency transactions and developing Tobin's Q ratio. Tobin received the John Bates Clark Medal in 1955 and the Nobel Memorial Prize in Economics in 1981 for his influential work on monetary and macroeconomic theory. He served as an advisor to the US Treasury and Federal Reserve and was a professor at Yale University.
Socialization
Socialization is the lifelong process by which people learn the norms, values, behaviors, and social skills needed to function in their culture. It occurs through interactions with others and influences personality development from infancy through adulthood. The main socialization agents are family, education systems, peer groups, media, and religion. Socialization helps convert individuals into social beings by teaching them appropriate roles, skills, discipline, and how to interact with others. It allows people to learn from each other and adapt across their lifespan.
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Relative income hypothesis
The document summarizes the relative income hypothesis proposed by Dusenberry in 1949. The key points are:
1) Dusenberry argued that consumption depends more on a person's relative income position compared to others in their community, rather than their absolute income level. People will consume more if they live in wealthier communities to maintain their standard of living.
2) In the short run, the average propensity to consume is greater than the marginal propensity to consume and the relationship between income and consumption is not proportional. In the long run, consumption increases proportionally with income and the average propensity to consume equals the marginal propensity to consume.
3) Dusenberry also believed consumption
Demand for Money
This document summarizes theories of money demand, including the quantity theory of money and Keynes' liquidity preference theory. The quantity theory views money demand as a function of income only, while Keynes argued it depends on both income and interest rates. Later economists like Tobin and Baumol refined Keynes' model by showing transaction demand also responds to interest rates due to opportunity costs of holding money. Precautionary and speculative demand motives are likewise negatively related to interest rates.
IS-LM Analysis
This document provides an outline and explanation of IS-LM analysis and how it can be used to derive the aggregate demand curve. It begins by explaining why IS-LM analysis was developed as a synthesis of classical and Keynesian thought. It then defines the IS curve as representing goods market equilibrium and the LM curve as representing money market equilibrium. It shows how the intersection of the IS and LM curves determines the equilibrium interest rate and level of output. It further explains how shifts in the IS and LM curves affect this equilibrium and can be used to trace the aggregate demand curve. Fiscal and monetary policy shifts are also discussed through their impacts on the IS and LM curves.
Neo classical theory of interest
The neoclassical theory of interest, or loanable funds theory, holds that the interest rate is determined by the supply and demand for loanable funds. The demand for loanable funds comes from investment, consumption/dissaving, and hoarding. The supply comes from savings, bank credit, dishoarding, and disinvestment. The interest rate reaches equilibrium when the total demand for loanable funds equals the total supply. Critics argue the theory assumes full employment, does not precisely determine the interest rate, and is impractical.
Solow model of growth
Prof R.M solow gave this model as an alternative to Harrod domar model of growth. It is a basic neo-classical model.
MUNDELL FLEMING MODEL
The Mundell-Fleming model is an extension of the IS-LM model that includes the joint determination of net exports and currency value. It suggests that fiscal expansion with monetary contraction would boost the currency value and reduce net exports, while fiscal contraction and monetary expansion would boost net exports and reduce the currency value. However, expectations play a major role in determining outcomes. Under Reagan, expectations of growth from tax cuts led to a higher dollar and lower net exports, while under Clinton, expectations of growth from spending cuts had the same effect despite different policies.
Bain’s limit pricing model
The document discusses Bain's limit pricing model. It states that under Bain's model, oligopoly firms do not maximize profits in the short run due to fear of attracting potential new entrants. Instead, firms fix a price on the inelastic portion of the demand curve called the limit price, which is the highest price that deters new firm entry. The limit price allows existing firms to earn abnormal profits above competitive levels but below monopoly profits, maintaining market stability. Diagrams are included showing the limit price between the perfect competition and monopoly price points.
Philips curve
The Philip curve shows an inverse relationship between the rate of unemployment and the rate of change in money wages in the short run. Friedman argued that in the long run, there is no tradeoff between inflation and unemployment - the Philip curve becomes vertical at the natural rate of unemployment, which is the rate where expected and actual inflation are equal. Temporary reductions in unemployment below the natural rate are only possible if inflation rises above expectations, but eventually expectations will adjust and unemployment will return to the natural rate, even as inflation accelerates.
Structuralist theory of inflation
This document outlines the structural theory of inflation in less developed countries. It discusses how structural defects and bottlenecks exist in these economies that cause inflation, making the traditional quantity theory of money not applicable. Three main types of bottlenecks are described: agricultural bottlenecks due to issues like land ownership that limit food production growth; government resource constraints that force them to print money to fund infrastructure projects leading to inflation; and foreign exchange bottlenecks from low exports and high import payments causing currency devaluations and price increases. The structural theory argues these bottlenecks must be addressed through balanced investment instead of just monetary or demand-side policies to effectively reduce inflation in less developed economies.
Quantity theory of money
1) Statement to Quantity Theory of Money
2) Graph illustration and Pictorial description of QTM
3) Different Approaches to QTM
4) Fisher's Transaction Approach Description
5) Assumptions of Fisher's Transaction Approach
6) Conclusion
4. domar's growth model
Domar's growth model from 1946 analyzes how a capitalist economy can grow at a constant rate after reaching full employment. It assumes aggregate supply equals aggregate demand during steady growth. The model shows that for steady growth, the rates of investment, capital stock growth, output growth, and employment growth must all be equal. It derives the equation that the growth rate equals the savings ratio multiplied by the incremental output-capital ratio. Investment has dual effects of increasing both aggregate demand and productive capacity in the long-run.
Methodology of Econometrics / Hypothesis Testing
This document discusses key concepts in hypothesis testing in econometrics, including:
1) Hypotheses can be simple, specifying all parameters, or composite, specifying some parameters.
2) The null hypothesis is the initial hypothesis being tested, often of no difference. The alternative hypothesis is complementary to the null.
3) Data can be collected through sampling, experiments, or other sources and is either primary or secondary.
4) Hypothesis testing involves statistical procedures to decide whether to accept or reject the null hypothesis. If accepted, the theory can be used for forecasting, prediction, or policy recommendations.
Model of endogenous growth the ak model
This document provides an overview of the AK model of endogenous economic growth. It discusses how the AK model addresses limitations of previous exogenous growth models. The key aspects of the AK model are:
- It models economic output as a linear function of capital stock, without diminishing returns to capital.
- This allows for perpetual long-run growth, unlike exogenous models which predict convergence to a steady state.
- The growth rate depends on savings rate and the level of technology, represented by the parameter A. Improvements in A can permanently increase the growth rate.
Patinkin's Real Balance Effect
Patinkin argues that the classical dichotomy between real and monetary sectors is invalid. When the money supply changes, it affects relative prices through the real balance effect. Specifically:
1) If money supply increases, prices rise proportionally. This reduces the real value of cash balances and lowers demand for goods, putting downward pressure on prices.
2) The real balance effect restores equilibrium by linking demand for goods and money - if prices fall, real balances and demand for goods rise, putting upward pressure back on prices.
3) Therefore, changes in the money supply can change the price level without affecting relative prices, reconciling monetary and real factors and invalidating the dichotomy between the two.
Presentation on keynesian theory
This document provides an overview of classical and Keynesian theories of income and employment. It discusses key differences between the two theories, including how they determine full employment. The classical theory believes full employment is the normal state, while Keynes argued unemployment can persist due to insufficient aggregate demand. The document then explains Keynesian concepts like aggregate demand, consumption, investment and their relationship to national income and output. It also outlines Keynes' model and equilibrium conditions between markets.
Pareto optimality
The document discusses general equilibrium theory and its key assumptions and implications. It addresses the following points in 3 sentences:
General equilibrium theory posits that all markets, including both product and factor markets, will reach equilibrium simultaneously. This equilibrium will be Pareto optimal, meaning no individual can be made better off without making another worse off due to optimal resource allocation. The model assumes perfect competition, constant returns to scale, and that equilibrium is determined by price adjustments across interconnected markets.
Multiplier-Accelerator Interaction
The document summarizes Samuelson's model of business cycles, which relates economic fluctuations to the interaction between the multiplier and accelerator effects. It explains that the multiplier amplifies changes in autonomous investment and consumption, while the accelerator reinforces increases in income through further induced investment. The model is represented mathematically to show how different combinations of the multiplier and accelerator can produce equilibrium, damped cycles, explosive cycles, or cycles of constant amplitude to describe business cycle patterns.
Permanent income hypothesis
Permanent income hypothesis states that consumption is based on permanent income rather than current income. Permanent income refers to income that is expected to persist in the future, while transitory income does not persist. According to the hypothesis, people smooth consumption in response to transitory income variations by using savings and borrowing. The hypothesis assumes tastes and interest rates remain stable over time. In the short run, the consumption function shows consumption is less proportional to income than in the long run, where proportionality is achieved through savings adjustments. Critics argue the hypothesis ignores differences in preferences between rich and poor and does not account for effects of windfalls on consumption.
Absolute income hypothesis
This document outlines the Absolute Income Hypothesis theory presented by Keynes in 1936. The theory states that as absolute income increases, the proportion of that income spent on consumption decreases. So while consumption increases with more income, the rate of increase declines. Key points include consumption (C) increasing at a decreasing rate as income (Y) rises, the average propensity to consume (APC) decreasing as income rises, and the theory showing consumption-income relationships in both the short run and long run.
Dummy variables
This document discusses the use of dummy variables in econometric modeling. It begins by explaining that some variables cannot be quantified numerically and provides examples where dummy variables would be used. It then discusses how dummy variables are incorporated into regression models, including intercept dummy variables, slope dummy variables, and dummy variables for multiple categories. The document also covers seasonal dummy variables and concludes by explaining the Chow test and dummy variable test for testing structural stability using dummy variables.
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James tobin
James Tobin (1918-2002) was an American economist who made important contributions in monetary economics. He is known for proposing the Tobin tax on currency transactions and developing Tobin's Q ratio. Tobin received the John Bates Clark Medal in 1955 and the Nobel Memorial Prize in Economics in 1981 for his influential work on monetary and macroeconomic theory. He served as an advisor to the US Treasury and Federal Reserve and was a professor at Yale University.
Socialization
Socialization is the lifelong process by which people learn the norms, values, behaviors, and social skills needed to function in their culture. It occurs through interactions with others and influences personality development from infancy through adulthood. The main socialization agents are family, education systems, peer groups, media, and religion. Socialization helps convert individuals into social beings by teaching them appropriate roles, skills, discipline, and how to interact with others. It allows people to learn from each other and adapt across their lifespan.
Session 4 a tobin's q
The paper analyzes whether stock market valuations account for intangible assets using data from listed firms in Japan from 2000-2009. Across different models and methodologies, the results show a positive impact of intangible assets on Tobin's Q, indicating the stock market does value intangible assets. However, the estimates of intangible asset impact vary between industries and not all types of intangibles influence market value. The discussant provides additional context and notes areas that could be explored further, such as the effect of firm size and alternative depreciation rates.
Market value ratio ii diagram
Financial Management models and diagrams for business preseentations.
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2) A consumer's consumption is determined by their total wealth, including nonhuman wealth like financial assets and housing, and human wealth as the present value of expected future labor income.
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This document lists several key agencies of socialization including family, mass media, church, peer group, school, and workplace. It also mentions that socialization can differ by gender. These socialization agents influence and teach people norms, values, and behaviors appropriate for their culture and society.
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Glaucio Lacerda começou sua carreira em eventos sociais em 1968 e foi pioneiro em trazer um estilo diferente de fotografia para casamentos no Rio de Janeiro na década de 1990, contando histórias visuais através das fotos. Com a chegada da fotografia digital, Glaucio novamente se adaptou às mudanças e hoje usa marketing digital para ajudar fotógrafos a promoverem seu trabalho online.
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Los mamíferos son un grupo diverso de animales que incluyen delfines, murciélagos, ratas, perros, conejos y humanos. Tienen el cuerpo cubierto de pelo, mamas las hembras, y los bebés se alimentan de la leche materna. Los mamíferos viven en todos los hábitats y mantienen su temperatura corporal constante de forma independiente a su entorno.
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Tobin's q theory suggests that the ratio of a firm's market value to replacement cost of capital (q) indicates whether a firm should invest. If q>1, the market values capital more than its cost, so firms should invest. However, investment does not immediately adjust to changes in q, as it takes time to plan, acquire assets, and install capital. While stock prices may accurately value firms relative to each other, overall market levels can depart from fundamentals through bubbles. Surveys find that firms cite expected demand, profitability, and availability of internal funds as more important determinants of investment than q or cost of capital.
Currency Forecasting Models
The document discusses theories of Purchasing Power Parity (PPP) and Interest Rate Parity. It explains that PPP holds that identical baskets of goods should cost the same in different countries after accounting for exchange rates. It also discusses how PPP is measured using concepts like the Big Mac Index and OECD PPP Index. The document notes limitations of PPP theory and also provides an overview of Interest Rate Parity, stating that it asserts that interest rate differences between countries should equal the spread between spot and forward exchange rates.
Ignou solved assignment eec 11 2014 to 2015 (demo)
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This document provides a summary of a lecture on supply and demand. It discusses key concepts including:
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Tobin's q and Industrial Organization
This paper examines Tobin's q ratio - the ratio of a firm's market value to the replacement cost of its assets - as a measure of monopoly rents. The paper develops a theoretical framework linking q to monopoly power. It argues that q will exceed 1 for firms earning monopoly rents, as the market capitalizes these rents in the firm's stock price. The paper constructs a database of q ratios for a sample of firms. It then empirically analyzes measures of monopoly power based on q, comparing them to traditional measures like concentration ratios. The analysis finds q-based measures correlate with traditional measures, supporting the theory that q captures monopoly rents.
An Empirical Analysis Of Residential Property Flipping
This document analyzes property flipping in Las Vegas from 1994 to mid-2007. It finds that flipped homes tend to be older and smaller than non-flipped homes. Flipping activity increased significantly as the housing market boomed, with flips representing up to 22% of quarterly sales in 2004. At the peak of the boom in 2004, typical flips produced annual returns exceeding 60%, translating to economic profits of nearly 20% after adjusting for opportunity costs. However, flipping returns fell to 0% by 2007 as the market slowed. The analysis uses hedonic models to examine price differentials for flipped homes and estimates economic profits from flipping over time.
Liquidity Risk and Expected Stock Returns Lubos Pastor and Robert F- S.docx
Liquidity Risk and Expected Stock Returns Lubos Pastor and Robert F. Stambaugh NBER Working Paper No. 8462 September 2001 JEL No. G12 ABSTRACT This study investigates whether market-wide liquidity is a state variable important for asset pricing. We find that expected stock returns are related cross-sectionally to the sensitivities of returns to fluctuations in aggregate liquidity. Our monthly liquidity measure, an average of individual-stock measures estimated with daily data, relies on the principle that order flow induces greater return reversals when liquidity is lower. Over a 34-year period, the average retum on stocks with high sensitivities to liquidity exceeds that for stocks with low sensitivities by 7.5% annually, adjusted for exposures to the market return as well as size, value, and momentum factors. 1. Introduction In standard asset pricing theory, expected stock returns are related cross-sectionally to returns' senxitivities to state variables with pervasive effects on consumption and invertment opportunities. The basic intuition is that a security whose lowest returns tend to accompany unfavorable shifts in quantities afferting an imvestor's overall welfare must offer additional compensation to the investor for holding that security. Liquidity appears to be a good candidate for a priced state variable. It is often viewed as important for investment decisions, and recent studies find that fluctuations in various measures of liquidity are correlated acroos stocks." This empirical study investigates whether market-wide liquidity is indeed priced. That is, we ask whether cross-sectional differences in expected stock returns are rehated to the sensitivities of returns to fluctuations in aggregate liquidity. 2 Liquidity is a broad and elusive concept that generally denotes the ability to trade large quantities quickly, at low cost, and without moving the price. We focus on an aspect of liquidity associated with temporary price fluctuations induced by order flow. Our monthly aggregate liquidity measure is a cross-sectional average of individual-stock liquidity measures. Each stock's liquidity in a given month, etimated using that stock's within-month daily returns and volume, represents the average effect that a given volume on day d has on the return for day d + 1 , when the volume is given the same sign as the return on day d . The basic idea is that, if signed volume is viewed ronghly as "order flow," then lower liquidity is reflected in a greater tendency for order flow in a given direction on day d to be followed by a price change in the opposite direction on day d + 1 . Esentially, lower liquidity corresponds to stronger volume-related return reversals, and in this respect our liquidity measure follows the same line of reasoning as the model and empirical evidence presented by Campbell, Groseman, and Wang (1993). They find that sturns accompanied by high volume tend to be reversed more strongly, and they explain how this result i.
(103) EABD - Unit 5.pptx
This document summarizes key concepts related to consumption functions, investment functions, and business cycles. It defines consumption and investment functions, explaining factors like disposable income, autonomous consumption, and marginal propensity to consume in consumption functions. It also discusses induced and autonomous investment, the marginal efficiency of capital, and determinants of investment levels. The document then explains concepts like the multiplier, accelerator, phases of the business cycle, and theories of the business cycle like monetary, innovation, and Keynesian theories.
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· Respond to 3 posts listed below. Advance the conversation; provide a real-world application and experiential examples;
· Conceptually discuss your key [most significant] learning insight or take-away from the selected forum topic comments.
· Responses should be a minimum of 150-250 words, supported by at least one reference outside of the textbook (use academic journals), either supporting or refuting the position of the author of the forum topic response or peer response.
Topic #1: The Cost of Capital
The cost of capital refers to the “cost” a company must incur in order to use funds towards a new project or investment. The funds may come from lenders by borrowing the funds, by financing equity, or by selling bonds or assets. The cost of capital is expressed as an annual interest rate that the company will be charged on the capital funds. Therefore, this is the minimum return a company must be striving for when undertaking a new project, making a purchase, or making an investment. Otherwise, they are simply losing money.
The cost of capital is used as the minimum rate of return that the project must achieve and is also the rate that is used in a discounted cash flow analysis. If the return of future net cash flows on an investment or project are greater than the cost of capital, then the investment or project is worthwhile to the business. For example, if a project generates a return of 20% and the cost of capital was estimated at 15%, then this project has added value to the business.
In addition, the NPV formula can be used to compare multiple projects using different costs of capital. For instance, Project A and Project B compared by using 10%, 15%, and 20% costs of capital. This can allow businesses to see how investing more or less capital would affect the outcome of the NPV. Just as you can compare these different costs of capital, you can also add the element of risk into your calculations by increasing the cost of capital to reflect a riskier project or investment. Very simply put, if investment B is riskier than investment A, then you could compare them with B having a cost of capital at r = 15% and A having a cost of capital at r= 10% - therefore adjusting for one project/investment being riskier than the other.
Interestingly, there has been much discussion and debate over how companies set their cost of capital rates. In the case of large Fortune 500 companies, they spend hundreds of billions of dollars per year. If they miscalculate the cost of capital rate on an investment or project with a difference of even 1%, this could mean a gain or loss of billions of dollars depending on which way the value was incorrectly estimated. For example, if a company plans to invest $52 million dollars into a new project that is estimated to bring in $10.5 million per year over the next seven years, and the company incorrectly estimates the cost of capital by 1%, then you can see by the table below the affect this small percentage pot.
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Foreign ExchangeRate Deterrntnattonand ForecastlngThe .docx
Foreign Exchange
Rate Deterrntnatton
and Forecastlng
The herd instinct among forecasters makes sheep
look like
independent thinkets- -Edgar R Fiedler'
LEARNING OBJECTIVES
*E,xaminehowthesupplyanddemandforanycunencycanbeviewedaSanassetchoice
issue within the portfolio of investors'
{& -bxplore how the three malor approaches to excnange rate determlnatron-pailty con-
ditioot, the balance of payments, and the asset approach-combine to explain the
numerous emerging market currency crises experienced in recent yeals.
* Observe how forecasters combine technical analysis with the three major theoretical
approaches to forecasting exchange rates'
What determines the exchange rate between currencies? This has proven to be a very diffi-
cult question to answer. Companies and agents need foreign currency for buying imports, or
*uy
"urn
foreign currency by exporting. Investors, investing in interest-bearing instruments
in ioreign
"orrntri"5
and currencies, fixed-income securities like bonds, shares in publicly
traded cimpanies, or other new types of hybrid instruments in foreign markets, all need for-
eign currenty. Tourists, migrant workers, speculators on currency movements-all of these
ec;nomic agents buy and sell and supply and demand currencies.every day.This chapter
offers somJ basic theoretical frameworks to try to organize these elements, forces, and
principles.'
Cirapter 7 described the international parity conditions that integrate exchange rates
with inflation and interest rates and provided a theoreticai framework for both the globai
financial markets and the management of international financial business. Chapter 4 pro-
vided a detailed analysis of how an individual country's international economic activity, its
balance of payments, can impact exchange rates. This chapter extends those discussions of
exchange rate determination to the third school, the asset market approach.
gxiiOit 9.1 provides an overview of the many determinants of exchange rates. This road
map is first organized by the three major schools of thought (parity conditions, balance of
payments appioach, asset market approach), and second by the individual drivers within
i6or" uppro*hes. At first glance the idea that there are three sets of theories may appear
daunting, but it is important to remember that these are not competing theories, but rather
contplementary theories.Without the depth and breadth of the various approaches combined-
out ubility to capture the complexity of the global market for currencies is lost. The chapter
concludes with the Mini-Case, The Japanese Yen Intervention of 2010, detailing Japan's
return to its guidance of market value.
234
cHAPTER I Foreign Exchange Rate Determination and Forecasting
The Determinants of Foreign Exchange Rates
Parity Conditions
1. Reiative inflation rates
2. Relative interesl rates
3. Forward exchange rates
4. lnterest rate parity
235
ls there a well-developed
and liquid money and capi.
LR - Tobin's Q.pdf
This paper examines Tobin's q ratio - the ratio of a firm's market value to the replacement cost of its assets - as a way to measure monopoly power in industries. The paper develops a theoretical framework linking q ratios to monopoly rents. It then uses this framework to construct a dataset of q ratios for a large sample of firms. Finally, it empirically analyzes several q-based measures of monopoly power and compares them to traditional measures like the Lerner index and concentration ratios. The key points are that q ratios above 1 indicate monopoly rents, and the paper aims to use them to better understand the extent, distribution, and history of monopoly power across industries.
Bf
Purchasing power parity (PPP) is a method of estimating national income and cost of living between countries. It compares the amount of currency required to buy the same goods and services in different countries. PPP is used as an alternative to GDP to compare living standards, as it accounts for differences in cost of living. There are challenges to accurate PPP measurement, such as variability in goods baskets and difficulty measuring quality differences between countries. PPP is calculated by comparing the price of a common product in different currencies and countries.
Dotcom bubble and underpricing: conjectures and evidence
This document presents conjectures about the causes of the dotcom bubble and high underpricing of IPOs during 1999-2000. It proposes two main conjectures: 1) The large inflow of high-growth IPOs affected expectations about long-term growth rates in the industry, feeding the price spiral in the stock market. 2) Some companies strategically underpriced their IPOs to avoid risks associated with distributing overvalued shares, as they needed continued access to capital markets for acquisitions or future funding rounds. The document provides evidence that the flow of high-growth IPOs explains returns in the NASDAQ index, and that characteristics like pre-IPO acquisitions can fully account for the high
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The document discusses exchange rate forecasting. Exchange rate forecasting is done by calculating the value of one currency relative to others over time. Various theories can be used for predictions, but no model is perfect. Exchange rate forecasts are required by multinational corporations, governments, financial institutions, and brokers. Fundamental analysis considers long-term economic factors, while technical analysis charts patterns in investor sentiment. Models for predicting exchange rates and prices include the random walk approach, uncovered interest rate parity, purchasing power parity, and theories related to interest rates, inflation, and investor psychology.
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Smart beta is a marketing term used to describe investment strategies that overweight companies based on certain fundamental characteristics. It represents a shift from traditional capital asset pricing models (CAPM) that rely solely on beta. While factor-based strategies predate smart beta, the term has fueled significant interest. However, not all factors are proven in the real world, and combining too many factors may not actually improve returns given trading costs and behavior. Investors should evaluate whether a strategy reflects realistic investing and can withstand rigorous testing over time.
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future forecsast.pdf
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Forecasting the present
Taking the economic pulse
How to gauge the current state of the economy
Jul 5th 2014 | From the print edition
IT IS hard to predict the future: witness forecasters’ failure to foresee the financial crisis. Indeed, even ascertaining the current state of the economy is tricky. The first official estimates of quarterly GDP are generally published between four and six weeks after each quarter has finished. Interpreting them can be fraught since they are frequently revised. Such delays and uncertainties have led economy-watchers to search for other gauges.
Simply asking business-folk what they think is a venerable tradition—Britain’s Industrial Trends for example dates back to 1958—but such surveys are flourishing as never before. Among the most influential are purchasing-manager indices (PMIs). Every month managers in both manufacturing and private services are asked whether their firms’ output, employment, orders and the like have expanded or contracted (compared with the previous month). An index based on the net balance of their answers shows expansion above the level of 50 and contraction below it.
These findings can in turn be used to estimate the current rate of growth, given the previous relationship between the indices and GDP. For example, Markit, a research group, reported this week that their composite index for manufacturing and services in the euro zone stood at 52.8 in June. The survey suggests the euro area should grow by around 0.4% in the second quarter, twice as fast as in the first, says Chris Williamson, an economist at Markit.
Markit’s estimate of second quarter euro-zone GDP growth appeared six weeks before the first official estimate. Such surveys have other benefits: the method is transparent and easy to grasp. And the findings are not revised once the final reports emerge a week after the “flash” estimates.
Some data providers go further, seeking to exploit all relevant statistics, such as official figures for new passenger-car registrations. This requires a sophisticated model to extract a common signal for GDP from the welter of data that become available. This is the approach adopted by Now-Casting Economics, a firm whose founders include two economists, Lucrezia Reichlin and Domenico Giannone. In the case of the euro zone, their model gobbles up 50 monthly variables and uses their past relationships with GDP to calculate an estimate for the current quarter. At present the firm, whose clients are hedge funds and other asset managers, is expecting growth of 0.26% in the second quarter—somewhat more sluggish than Markit’s estimate.
In principle, the model-based approach might appear superior because it exploits more information. On the other hand, it is more of a black box. Since surveys are themselves an important source of information for the nowcasts this suggests that the two methods will co-exist.
From the print edition: Finance and econo ...
24 2-06
This document reviews empirical studies on initial public offering (IPO) activity and pricing behavior in Korea. It summarizes that Korean IPOs exhibit significant underpricing on average, with initial returns averaging 57.6% from 2000-2007. Several hypotheses have been proposed to explain this underpricing, including asymmetric information, price stabilization by underwriters, and behavioral factors like investor irrationality. However, no single hypothesis fully accounts for the large initial returns observed. The document also notes that Korean IPO markets exhibit cyclical "hot issue markets" and that IPO stocks often underperform in the long run.
Economics basics
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
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如果您真实毕业回国，对于学历认证无从下手，请联系我，我们免费帮您递交
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你做代理，可以改变自己，改变他人，给他人和自己一个机会大块就啃啃得满嘴满脸猴屁股般的红艳大家一个劲地指着对方吃吃地笑瓜裂得古怪奇形怪状却丝毫不影响瓜味甜丝丝的满嘴生津遍地都是瓜横七竖八的活像掷满了一地的大石块摘走二三只爷爷是断然发现不了的即便发现爷爷也不恼反而教山娃辨认孰熟孰嫩孰甜孰淡名义上是护瓜往往在瓜棚里坐上一刻饱吃一顿后山娃就领着阿黑漫山遍野地跑阿黑是一条黑色的大猎狗挺机灵的是山娃多年的忠实伙伴平时山娃上学阿黑也摇头晃脑地跟去暑假用不着上学阿钩
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
1：1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
原版一模一样【微信：741003700 】【加拿大麦吉尔大学毕业证硕士学历证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
原版一模一样【微信：741003700 】【美国迈阿密大学牛津分校毕业证文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
永久可查学历认证【微信：A575476】【美国新罕布什尔大学(unh)毕业证成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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Tobin’s q theory
- 2. 2 Definition It is a ratio devised by James Tobin of Yale University, Nobel laureate in economics. It is the ratio between market value and replacement value of the same physical asset.
- 3. 3 For example, a low Q ratio (between 0 and 1) means that the cost to replace a firm's assets is greater than the value of its stock. This implies that the stock is undervalued. Conversely, a high Q (greater than 1) implies that a firm's stock is more expensive than the replacement cost of its assets, which implies that the stock is overvalued. This measure of stock valuation is the driving factor behind investment decisions in Tobin's model.
- 4. 4 “One, the numerator, is the market valuation: the going price in the market for exchanging existing assets. The other, the denominator, is the replacement or reproduction cost: the price in the market for the newly produced commodities. We believe that this ratio has considerable macroeconomic significance and usefulness, as the nexus between financial markets and markets for goods and services.” - A general equilibrium approach to monetary theory
- 5. 5 How it is measured: For Single company: In Finance literature it is calculated by comparing the market value of a company’s stock with its equity book value. Tobin q=
- 6. 6 The following graph is an example of Tobin's q for all U.S. corporations. The line shows the ratio of the US stock market value to US net assets at replacement cost since 1900.
- 7. 7 Influences on q: Market hype and speculation, reflecting, for example, analysts' views of the prospects for companies, or speculation such as bid rumors. The "intellectual capital" of corporations, that is, the unmeasured contribution of knowledge, goodwill, technology and other intangible assets that a company may have but aren't recorded by accountants.
- 8. 8 Tobin’s marginal q: It is the ratio of the market value of an additional unit of capital to its replacement cost. P/B Ratio: In the case of inflationary time, Q will be lower than P/B ratio; conversely it will be higher than Q. During periods of very high inflation, the book value would not reflect the cost of replacing a firm's assets, since the inflated prices of its assets would not be reflected on its balance sheet.
- 9. 9 Criticism: Doug Henwood, in his book Wall Street, argues that the q ratio fails to accurately predict investment, as Tobin claims. "The data for Tobin and Brainard’s 1977 paper covers 1960 to 1974, a period for which q seemed to explain investment pretty well," he writes. “things started going away even before the paper was published. While q and investment seemed to move together for the first half of the chart, they part ways almost at the middle; q collapsed during the bearish stock markets of the 1970s, yet investment rose."