Capital accumulation

Summary

Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains. The aim of capital accumulation is to create new fixed and working capitals, broaden and modernize the existing ones, grow the material basis of social-cultural activities, as well as constituting the necessary resource for reserve and insurance. The process of capital accumulation forms the basis of capitalism, and is one of the defining characteristics of a capitalist economic system. Definition The definition of capital accumulation is subject to controversy and ambiguities, because it could refer to: *a net addition to existing wealth *a redistribution of wealth. Most often, capital accumulation involves both a net addition and a redistribution of wealth, which may raise the ques

Official source

https://en.wikipedia.org/wiki/Capital_accumulation

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Corporate governance and capital structure dynamics

Erwan Morellec, Boris Nikolov, Norman Schuerhoff

We develop a dynamic tradeoff model to examine the importance of managershareholder conflicts in capital structure choice. In the model, firms face taxation, refinancing costs, and liquidation costs. Managers own a fraction of the firms equity, capture part of the free cash flow to equity as private benefits, and have control over financing decisions. Using data on leverage choices and the models predictions for different statistical moments of leverage, we find that agency costs of 1.5% of equity value on average are sufficient to resolve the low-leverage puzzle and to explain the dynamics of leverage ratios. Our estimates also reveal that agency costs vary significantly across firms and correlate with commonly used proxies for corporate governance.

2012

This paper proposes a capital accumulation model with a random stopping time corresponding to the occurrence of an environmental catastrophe. Depending on the preventive capital stock accumulated at the time of the catastrophe, the damage cost associated with the catastrophe varies. The long-term behavior of the optimal accumulation path is analyzed using turnpike theory. The case where the catastrophe process is uncontrolled is distinguished from the case where there is an anthropogenic effect on the probability of an occurrence. Intergenerational equity issues are discussed. Numerical experiments with an adaptation of the integrated assessment model DICE94 are proposed to explore the model responses.

Elsevier2006

Ionic Liquid Gating of SrTiO3 Lamellas Fabricated with a Focused Ion Beam

Amelia Emily-Kay Estry, Evgeny Mikheev, Philip Johannes Walter Moll

In this work, we combine two previously incompatible techniques for defining electronic devices: shaping three-dimensional crystals by focused ion beam (FIB), and two-dimensional electrostatic accumulation of charge carriers. The principal challenge for this integration is nanometer-scale surface damage inherent to any FIB-based fabrication. We address this by using a sacrificial protective layer to preserve a selected pristine surface. The test case presented here is accumulation of 2D carriers by ionic liquid gating at the surface of a micron-scale SrTiO3 lamella. Preservation of surface quality is reflected in superconductivity of the accumulated carriers. This technique opens new avenues for realizing electrostatic charge tuning in materials that are not available as large or exfoliatable single crystals, and for patterning the geometry of the accumulated carriers.

AMER CHEMICAL SOC2022