{"id":"https://openalex.org/W3122992684","doi":"https://doi.org/10.1016/j.qref.2011.01.003","title":"The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey","display_name":"The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey","publication_year":2011,"publication_date":"2011-01-15","ids":{"openalex":"https://openalex.org/W3122992684","doi":"https://doi.org/10.1016/j.qref.2011.01.003","mag":"3122992684"},"language":"en","primary_location":{"id":"doi:10.1016/j.qref.2011.01.003","doi":"https://doi.org/10.1016/j.qref.2011.01.003","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.qref.2011.01.003","pdf_url":null,"source":{"id":"https://openalex.org/S125273398","display_name":"The Quarterly Review of Economics and Finance","issn_l":"1062-9769","issn":["1062-9769","1878-4259"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Quarterly Review of Economics and Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.1107292","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5076309222","display_name":"Sumit D. Agarwal","orcid":"https://orcid.org/0000-0002-8305-3786","observed_orcids":["https://orcid.org/0000-0002-8305-3786"]},"institutions":[{"id":"https://openalex.org/I77697173","display_name":"Federal Reserve Bank of Chicago","ror":"https://ror.org/03n7scr80","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I77697173"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Sumit Agarwal","raw_affiliation_strings":["Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL 60604, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL 60604, USA","institution_ids":["https://openalex.org/I77697173"]}]},{"author_position":"middle","author":{"id":null,"display_name":"I-Ming Chiu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I102322142","display_name":"Rutgers, The State University of New Jersey","ror":"https://ror.org/05vt9qd57","country_code":"US","type":"education","lineage":["https://openalex.org/I102322142"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"I-Ming Chiu","raw_affiliation_strings":["Rutgers University, Camden, Department of Economics, 311 North 5th Street, Camden, NJ 08102, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Rutgers University, Camden, Department of Economics, 311 North 5th Street, Camden, NJ 08102, USA","institution_ids":["https://openalex.org/I102322142"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5056340006","display_name":"Victor Souphom","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1333512998","display_name":"United States Census Bureau","ror":"https://ror.org/01qn7cs15","country_code":"US","type":"government","lineage":["https://openalex.org/I1333512998","https://openalex.org/I1343035065"]},{"id":"https://openalex.org/I4405284772","display_name":"Center for Economic Studies","ror":"https://ror.org/04668cx34","country_code":"US","type":"government","lineage":["https://openalex.org/I1333512998","https://openalex.org/I1343035065","https://openalex.org/I4405284772"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Victor Souphom","raw_affiliation_strings":["U.S. Census Bureau-Center for Economic Studies, Suitland Federal Center, Washington, DC 20233, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"U.S. Census Bureau-Center for Economic Studies, Suitland Federal Center, Washington, DC 20233, USA","institution_ids":["https://openalex.org/I1333512998","https://openalex.org/I4405284772"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5053980775","display_name":"Guy M. Yamashiro","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I59897056","display_name":"California State University, Long Beach","ror":"https://ror.org/0080fxk18","country_code":"US","type":"education","lineage":["https://openalex.org/I59897056"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Guy M. Yamashiro","raw_affiliation_strings":["California State University, Long Beach, Department of Economics, 1250 Bellflower Blvd, Long Beach, CA 90840-4607, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"California State University, Long Beach, Department of Economics, 1250 Bellflower Blvd, Long Beach, CA 90840-4607, USA","institution_ids":["https://openalex.org/I59897056"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I102322142"],"apc_list":{"value":2740,"currency":"USD","value_usd":2740},"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":11,"citation_normalized_percentile":{"value":0.55348767,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":87,"max":97},"biblio":{"volume":"51","issue":"2","first_page":"162","last_page":"172"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0008999999845400453,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/internal-capital-markets","display_name":"internal capital markets","score":0.9259999990463257},{"id":"https://openalex.org/keywords/business-diversification","display_name":"business diversification","score":0.8339999914169312},{"id":"https://openalex.org/keywords/capital-allocation-efficiency","display_name":"capital allocation efficiency","score":0.800000011920929},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.7639999985694885},{"id":"https://openalex.org/keywords/capital-expenditure","display_name":"capital expenditure","score":0.8759999871253967},{"id":"https://openalex.org/keywords/equipment-investment","display_name":"equipment investment","score":0.5289999842643738},{"id":"https://openalex.org/keywords/value-creation","display_name":"value creation","score":0.5220000147819519}],"concepts":[{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.7825209498405457},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.628511369228363},{"id":"https://openalex.org/C2781316041","wikidata":"https://www.wikidata.org/wiki/Q1230584","display_name":"Diversity (politics)","level":2,"score":0.615714430809021},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5646562576293945},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.562410295009613},{"id":"https://openalex.org/C9127897","wikidata":"https://www.wikidata.org/wiki/Q990550","display_name":"Physical capital","level":3,"score":0.4987668991088867},{"id":"https://openalex.org/C138142054","wikidata":"https://www.wikidata.org/wiki/Q5035692","display_name":"Capital allocation line","level":3,"score":0.4530373513698578},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.4310990273952484},{"id":"https://openalex.org/C57918260","wikidata":"https://www.wikidata.org/wiki/Q1354666","display_name":"Capital budgeting","level":3,"score":0.42148858308792114},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3826403319835663},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3811388313770294},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.36985501646995544},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2504803538322449},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.17444679141044617},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.11400985717773438},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C21425071","wikidata":"https://www.wikidata.org/wiki/Q7249389","display_name":"Project appraisal","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C19165224","wikidata":"https://www.wikidata.org/wiki/Q23404","display_name":"Anthropology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.1016/j.qref.2011.01.003","doi":"https://doi.org/10.1016/j.qref.2011.01.003","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.qref.2011.01.003","pdf_url":null,"source":{"id":"https://openalex.org/S125273398","display_name":"The Quarterly Review of Economics and Finance","issn_l":"1062-9769","issn":["1062-9769","1878-4259"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Quarterly Review of Economics and Finance","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.1107292","doi":"https://doi.org/10.2139/ssrn.1107292","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1107292","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:cen:wpaper:08-08","doi":null,"is_oa":true,"landing_page_url":"https://www2.census.gov/ces/wp/2008/CES-WP-08-08.pdf","pdf_url":"https://www2.census.gov/ces/wp/2008/CES-WP-08-08.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:alma.01RUT_INST:11685408940004646","doi":null,"is_oa":false,"landing_page_url":"https://scholarship.libraries.rutgers.edu/esploro/outputs/journalArticle/The-efficiency-of-internal-capital-markets/991031758459304646","pdf_url":null,"source":{"id":"https://openalex.org/S4306401388","display_name":"Rutgers University Community Repository (Rutgers University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I102322142","host_organization_name":"Rutgers, The State University of New Jersey","host_organization_lineage":["https://openalex.org/I102322142"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:3122992684","doi":null,"is_oa":false,"landing_page_url":"https://EconPapers.repec.org/RePEc:cen:wpaper:08-08","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:eee:quaeco:v:51:y:2011:i:2:p:162-172","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S1062976911000044","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.2139/ssrn.1107292","doi":"https://doi.org/10.2139/ssrn.1107292","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1107292","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3122992684.pdf","grobid_xml":"https://content.openalex.org/works/W3122992684.grobid-xml"},"referenced_works_count":48,"referenced_works":["https://openalex.org/W253167925","https://openalex.org/W1495271810","https://openalex.org/W1506927806","https://openalex.org/W1602768366","https://openalex.org/W1785858825","https://openalex.org/W1995320128","https://openalex.org/W1996620435","https://openalex.org/W2000688188","https://openalex.org/W2004027530","https://openalex.org/W2018474480","https://openalex.org/W2019699791","https://openalex.org/W2034372432","https://openalex.org/W2040016893","https://openalex.org/W2049324641","https://openalex.org/W2056238342","https://openalex.org/W2057785092","https://openalex.org/W2059912207","https://openalex.org/W2066673576","https://openalex.org/W2079558694","https://openalex.org/W2080132719","https://openalex.org/W2092715343","https://openalex.org/W2098011033","https://openalex.org/W2098861776","https://openalex.org/W2100455342","https://openalex.org/W2102282792","https://openalex.org/W2121925065","https://openalex.org/W2138246053","https://openalex.org/W2146207816","https://openalex.org/W2164145704","https://openalex.org/W2608664843","https://openalex.org/W2645835341","https://openalex.org/W2891222742","https://openalex.org/W2891290756","https://openalex.org/W3021203231","https://openalex.org/W3023311111","https://openalex.org/W3122151187","https://openalex.org/W3122602955","https://openalex.org/W3122904176","https://openalex.org/W3122982027","https://openalex.org/W3123012056","https://openalex.org/W3123564056","https://openalex.org/W3123722403","https://openalex.org/W3124226976","https://openalex.org/W3124613120","https://openalex.org/W3124936459","https://openalex.org/W3125062060","https://openalex.org/W3125397542","https://openalex.org/W3126127371"],"related_works":["https://openalex.org/W1274118472","https://openalex.org/W4231219177","https://openalex.org/W2891350331","https://openalex.org/W2743434503","https://openalex.org/W3122723947","https://openalex.org/W7095425031","https://openalex.org/W3146860725","https://openalex.org/W2399778472","https://openalex.org/W7111183313","https://openalex.org/W1995320128"],"abstract_inverted_index":null,"counts_by_year":[{"year":2025,"cited_by_count":3},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2021-02-01T00:00:00"}
