期刊名称：Journal of Knowledge Management, Economics and Information Technology
印刷版ISSN：2069-5934
出版年度：2014
卷号：4
期号：2
出版社：ScientificPapers.org
摘要：This paper examines the heterogeneity of capital stocks using financial statement data of publicly listed Japanese firms. We conduct factor analysis on investment rates among various capital goods and estimate factor loadings of each as its reactions to common factors like total factor productivity (TFP) shocks. Then we estimate the uniqueness for each investment rate, which is the percentage of its variance that is not explained by the common factors. If the estimated factor loadings are similar between some of the heterogeneous capital goods, it may well imply that the adjustment cost structure of these investments is also similar. Further, if some of the estimated values of uniqueness are small, it suggests that certain theoretical models may track the dynamics of the investment rates well.
关键词：Adjustment Costs ; Factor Analysis ; Heterogeneity of Capital Stocks ; Investment ; Investment Purchase and Sale ; Tobin’s Q
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