Japanese stock returns and investment: A test of production-based asset pricing model (original) (raw)

Japan and the World Economy, 1997

Abstract

This paper examines whether or not production-based asset pricing model holds for the Japanese stock market over the period 1971–1991. This model characterizes an intertemporal marginal rate of substitution as a function of the return on physical investment. An implication of the model is that returns on investment inferred from investment data through a production function and an adjustment cost

Keiichi Hori hasn't uploaded this paper.

Let Keiichi know you want this paper to be uploaded.

Ask for this paper to be uploaded.