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To Buy or Not to Buy? Uncertainty, Irreversibility, and Heterogeneous Investment Dynamics in Italian Company Data.

Abstract:

This study tests for the presence of real options effects induced by uncertainty and (partial) irreversibility on fixed capital investment using Italian company data. Our approach recognizes that firm-level investment spending may, itself, be aggregated over multiple investment decisions in separate types of capital goods and emphasizes effects of uncertainty on short-run investment dynamics. Using a survey-based measure of uncertainty related to the assessment of managers responsible for the...

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Publisher:
IMF
Series:
IMF Working Papers
Publication date:
2004-01-01
Language:
English
UUID:
uuid:22717dbe-5489-401e-8d11-8904aa62b18b
Local pid:
oai:economics.ouls.ox.ac.uk:12648
Deposit date:
2011-08-15

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