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Equity valuation, production, and financial planning: A stochastic programming approach
16 references·16 citing·25 second hopsampled
Equity valuation, production, and financial planning: A stochastic programming approach (2006)Equity valuation, production, and financi…The cost of capital, corporation finance and the theory of investment (2008)The cost of capital, corporat…Testing Trade-Off and Pecking Order Predictions About Dividends and Debt (2002)Testing Trade-Off and Pecking…Inventory management and production planning and scheduling (1999)Inventory management and prod…Corporate Debt Value, Bond Covenants, and Optimal Capital Structure (1994)Corporate Debt Value, Bond Co…The Theory of Capital Structure (1991)The Theory of Capital Structu…Handbooks in operations research and management science (1989)Handbooks in operations resea…Financing Constraints and Corporate Investment (1988)Financing Constraints and Cor…Financing Constraints and Corporate Investment (1987)Financing Constraints and Cor…The Capital Structure Puzzle (1984)The Capital Structure PuzzleMartingales and arbitrage in multiperiod securities markets (1979)Martingales and arbitrage in …The valuation of options for alternative stochastic processes (1976)The valuation of options for …THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)THE VALUATION OF RISK ASSETS …The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Valuation of Risk Assets …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION (1963)CORPORATE INCOME TAXES AND TH…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…Financing a capital-constrained supply chain: Equity or debt (2024)Financing a capital-constrain…Buyer-backed purchase-order financing for SME supplier with uncertain yield (2022)Buyer-backed purchase-order f…Optimal financing mode selection for a capital-constrained retailer under an implicit bankruptcy cost (2020)Optimal financing mode select…Managing Capital Market Frictions via Cost-Reduction Investments (2020)Managing Capital Market Frict…Asymmetric Inventory Management and the Direction of Sales Changes* (2020)Asymmetric Inventory Manageme…Operational and Financial Decisions Within Proportional Investment Cooperatives (2019)Operational and Financial Dec…Effect of Financing Costs and Constraints on Real Investments: The Case of Inventories (2019)Effect of Financing Costs and…Dynamic Inventory Management with Inventory-Based Financing (2017)Dynamic Inventory Management …On the cost of capital in inventory models with deterministic demand (2016)On the cost of capital in inv…OM Forum—Operations and Finance Interactions (2014)OM Forum—Operations and Finan…Operational Investment and Capital Structure Under Asset Based Lending: A One Period Model (2012)Operational Investment and Ca…Designing decision support systems for value-based management: A survey and an architecture (2012)Designing decision support sy…The Value of Supply Chain Finance (2011)The Value of Supply Chain Fin…THE EFFECT OF FINANCING ON A BUDGET-CONSTRAINED SUPPLY CHAIN UNDER WHOLESALE PRICE CONTRACT (2011)THE EFFECT OF FINANCING ON A …Echelon base-stock policies are financially sub-optimal (2006)Echelon base-stock policies a…Capital Structure and Inventory Management (2006)Capital Structure and Invento…Dividend Policy, Growth, and the Valuation of Shares (1961)On Persistence in Mutual Fund Performance (1997)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Firms, Contracts, and Financial Structure (1995)What Do We Know about Capital Structure? Some Evidence from International Data (1995)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Law and Finance (1998)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Credit Rationing in Markets with Imperfect Information (1981)Agency costs of free cash flow, corporate finance, and takeovers (1996)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)Determinants of corporate borrowing (1977)The theory and practice of corporate finance: evidence from the field (2001)The Pricing of Options and Corporate Liabilities (1973)Common risk factors in the returns on stocks and bonds (1993)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)A Survey of Corporate Governance (1997)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Threshold effects in non-dynamic panels: Estimation, testing, and inference (1999)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)The Cross-Section of Expected Stock Returns (1992)
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References

  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 2008The cost of capital, corporation finance and the theory of investment8,614 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 1984The Capital Structure Puzzle7,520 cited
  • 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]6,743 cited
  • 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION5,951 cited
  • 1988Financing Constraints and Corporate Investment5,566 cited
  • 1991The Theory of Capital Structure

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4,371 cited
  • 1987Financing Constraints and Corporate Investment4,354 cited
  • 1979Martingales and arbitrage in multiperiod securities markets3,595 cited
  • 2002Testing Trade-Off and Pecking Order Predictions About Dividends and Debt3,396 cited
  • 1976The valuation of options for alternative stochastic processes2,935 cited
  • 1999Inventory management and production planning and scheduling2,787 cited
  • 1994Corporate Debt Value, Bond Covenants, and Optimal Capital Structure2,732 cited
  • 1989Handbooks in operations research and management science2,388 cited
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    • 2011The Value of Supply Chain Finance33 cited
    • 2020Asymmetric Inventory Management and the Direction of Sales Changes*30 cited
    • 2006Echelon base-stock policies are financially sub-optimal29 cited
    • 2017Dynamic Inventory Management with Inventory-Based Financing27 cited
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    • 2019Operational and Financial Decisions Within Proportional Investment Cooperatives26 cited
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