Disaggregated Capital Expenditures
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Disaggregated Capital Expenditures
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Author : Brooke Beyer
language : en
Publisher:
Release Date : 2019
Disaggregated Capital Expenditures written by Brooke Beyer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Financial analysts and accounting regulators encourage companies to disclose the disaggregation of total capital expenditures (CAPX) into the portion of capital investment intended to sustain current performance (maintenance CAPX (MCAPX)), and the portion invested in new projects/assets to pursue additional opportunities (growth CAPX (GCAPX)). Using a hand-collected sample of voluntary disclosures of disaggregated CAPX, we first document that traditional estimates of the disaggregated components (MCAPX and GCAPX), using currently required financial statement disclosures, are inadequate proxies for the actual (disclosed) values of MCAPX and GCAPX. Specifically, we find that the estimation errors in the disaggregated variables are associated with future financial performance (i.e., changes in sales and earnings), suggesting that the information in the disaggregated disclosure is potentially useful in forecasting firm performance. We then examine whether analysts seem to use the disaggregated information in updating their forecasts and find that estimation errors in the disaggregated variables are associated with analyst forecast revisions of future sales and earnings per share, consistent with analysts incorporating the information in disaggregated CAPX into their forecasts. Our results provide evidence that disaggregated CAPX disclosure is superior to the currently required aggregate CAPX disclosure in explaining/forecasting firms' future financial performance.
Disaggregated Capital Expenditure Disclosures
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Author : Brooke Beyer
language : en
Publisher:
Release Date : 2013
Disaggregated Capital Expenditure Disclosures written by Brooke Beyer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Public Expenditure And Economic Growth
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Author : M. Emranul Haque
language : en
Publisher:
Release Date : 2007
Public Expenditure And Economic Growth written by M. Emranul Haque and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
In this paper, we examine the growth effects of government expenditure for a panel of 30 developing countries over the 1970s and 1980s, with a particular focus on disaggregated government expenditures. Our methodology improves on previous research on this topic by explicitly recognizing the role of the government budget constraint and the possible biases arising from omitted variables. Our primary results are twofold. First, the share of government capital expenditure in GDP is positively and significantly correlated with economic growth, but current expenditure is insignificant. Second, at the disaggregated level, government investment in education and total expenditures in education are the only outlays that are significantly associated with growth once the budget constraint and omitted variables are taken into consideration.
The Cyclical Properties Of Disaggregated Capital Flows
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Author : Silvio Contessi
language : en
Publisher:
Release Date : 2012
The Cyclical Properties Of Disaggregated Capital Flows written by Silvio Contessi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
We analyze the second-moment properties of the components of international capital flows and their relationship to business cycle variables (output, investment, and real interest rate) in 22 industrial and emerging countries. Total inward flows are procyclical with respect to all three macro variables. Net outward flows are countercyclical with respect to output and investment in most industrial and emerging countries. Disaggregated inward flows positively comove with output in industrial countries and with investment and the real interest rate in the G7 economies. Inward foreign direct investment is the only non-procyclical type of inward capital flows (with respect to output) in the developing economies. Formal statistical tests based on nonparametric bootstrap techniques detect significant variance increases in all G7 countries' disaggregated capital flows over exogenous and endogenously estimated breaks.
Disaggregated Capital Flows And Economic Growth
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Author : Sufiana Sarisae
language : en
Publisher:
Release Date : 2011
Disaggregated Capital Flows And Economic Growth written by Sufiana Sarisae and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The main objective of this study is to examine the impacts of disaggregated capital flows, namely foreign direct investment (FDI) and equity foreign portfolio investment (EFPI) on economic growth in ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore and Thailand), using panel data from the period 1987 to 2008. The purpose behind this study is to investigate whether financial development is the absorptive capacity that helps the host country to capture the capital inflows in order to harness real economic growth. The study also attempted to investigate how these two different types of flows (FDI & EFPI) have different impacts on economic growth of the ASEAN-5 countries. This study employs pooled OLS and fixed effects regression estimators. Overall, the empirical results suggest that FDI or EFPI alone has statistical insignificant impact on economic growth in ASEAN-5 countries. However, lagged FDI or lagged EFPI alone which is estimated together with lagged FDI or lagged EFPI based on interaction term- e.g. financial development-, respectively, has negative impact on economic growth. On the other hand, lagged FDI or lagged EFPI with interaction term- financial development- have a positive relationship with economic growth. Consequently, financial development is the key and important variable that helps the ASEAN-5 countries capture absorptive capacity to harness real economic growth. In addition, there is no much difference between the impact of FDI and EFPI on Economic growth. As result, the finding of this study will help policy makers to design elements for more stable and sociable global regulatory infrastructure, and also formulate policies in the liberalized world economy.
Disaggregated Investment Forecasting Equations
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Author : David Rae
language : en
Publisher:
Release Date : 1991
Disaggregated Investment Forecasting Equations written by David Rae and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Investments categories.
Is Investment Time Irreversible Some Empirical Evidence For Disaggregated Uk Manufacturing Data
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Author : Alan Speight
language : en
Publisher:
Release Date : 2006
Is Investment Time Irreversible Some Empirical Evidence For Disaggregated Uk Manufacturing Data written by Alan Speight and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Abstract: It has long been suggested that investment may be time irreversible, and consideration of the option value of waiting to invest has aroused renewed interest in this issue. This paper tests for time irreversibility in UK investment according to disaggregation by type of investment expenditure and across manufacturing sector groupings. The test results reported indicate that the irreversibility of investment patterns varies not only from industry to industry but also according to the type of capital being purchased, with significant time irreversibility detected in gross fixed capital formation and aggregate vehicles expenditure, and industrial sector groupings comprising fuels & oil refining, engineering & vehicles, and textiles & leather. However, only in the first and last of these series is time irreversibility attributable to non-linearities in the underlying data generating process, and consistent with threshold effects which may be associated with (S,s) type models of investme
Effect Of Government Expenditure On Economic Growth In East Africa
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Author : Naftaly Mose
language : en
Publisher:
Release Date : 2022
Effect Of Government Expenditure On Economic Growth In East Africa written by Naftaly Mose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
The goal of this research was to investigate empirically how government expenditure contributes to economic growth in East Africa from 1980-2010. Using balanced panel fixed effect model, government expenditure was disaggregated to scrutinize its effect of growth. The study tested for panel unit root and found that only two variables, that is, GDP and investment expenditure are stationary at level. The finding confirms the conventional view that relative investment expenditure promotes economic growth while consumption retards it. Finally, human capital expenditure was found to be insignificant. This study suggests that for East Africa, the policy of increasing government expenditure on investment budget to promote economic growth will be appropriate, but fewer funds should be channeled towards other governmental programs.
Disaggregated Financial Data And Analysis For The Domestic Motor Vehicle Manufacturers Nhtsa Technical Report
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Author :
language : en
Publisher:
Release Date : 1977
Disaggregated Financial Data And Analysis For The Domestic Motor Vehicle Manufacturers Nhtsa Technical Report written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with categories.
Monetary Policy And Investment Dynamics
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Author : Gregory Givens
language : en
Publisher:
Release Date : 2017
Monetary Policy And Investment Dynamics written by Gregory Givens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We use disaggregated data on the components of private fixed investment (PFI) to estimate industry-level responses of real investment and capital prices to unanticipated monetary policy. The response functions derive from a restricted large-scale VAR estimated over 1959-2007. Our results point to significant cross-sector heterogeneity in the behavior of PFI prices and quantities, which we interpret as evidence of widespread asymmetry in the monetary transmission mechanism. For capital assets belonging to the equipment category of fixed investment, we find that quantities rather than prices usually absorb most of the fallout from a policy innovation. By contrast, price effects tend to be higher and output effects lower for nonresidential structures.