Average Period, User Cost, and Implications for Value, Interest, and Term Structure

  • 研討會日期 : 2002-05-21
  • 時間 : 15:00
  • 主講人 : Prof. Thomas W. Downs
  • 地點 : B棟110室
  • 演講者簡介 : Prof. Thomas W. Downs為Ph.D.,Purdue University。 目前為Associate Professor,Department of Economics,Finance & Legal Studies,University of Alabama。 其主要研究領域為Valuation Issues、Financial Accounting及Public Finance。
  • 演講摘要 : This study weds the user cost of capital with average period in a modern analytical relationship and offers three implications. One, a real capital stock’s fundamental value as a proportion of its current replacement cost depends on a ratio of average periods. Two, the effect on fundamental value of an increasing discount rate may be positive or negative and it too depends on a ratio of average periods. Three, an increase in average period of debt maturity allows an increase in the flow of interest from capital and, consequently, the yield curve is upward sloped irrespective of all else.