ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
5 Concluding
remarks In this paper, we study the reversibility effects on a firm’s investment timing and quantity strategies, especially in the presence of manager’s private information. We obtain five results. First, information asymmetry increases (delays) investment trigger (timing). Second, under information asymmetry, investment quantity is increasing in degree of reversibility, while under information symmetry it is constant. Third, social loss arising from information asymmetry is ncreasing in the degree of manager’s informational rent and degree of reversibility, but it is decreasing in volatility. Fourth, an increase in volatility increases the owner’s value, while it decreases the manager’s value. Fifth, an increase in volatility increases the ex post manager’s value, while it decreases the ex ante manager’s value. An increase in degree of reversibility decreases the ex post manager’s value, while it increases the ex ante manager’s value.