Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/25258
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dc.contributor.authorHüttel, Silkeen_US
dc.contributor.authorMußhoff, Oliveren_US
dc.contributor.authorOdening, Martinen_US
dc.contributor.authorZinych, Nataliyaen_US
dc.date.accessioned2008-02-21en_US
dc.date.accessioned2009-07-23T15:03:38Z-
dc.date.available2009-07-23T15:03:38Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/25258-
dc.description.abstractNumerous studies have tried to provide a better understanding of firm-level investment behaviour using econometric models. The model specification of more recent studies has been based on two main approaches. The first, the real options approach, focuses on irreversibility and uncertainty in perfect capital markets; of particular interest is the range of inaction caused by sunk costs. The second, the neo-institutional finance theory, emphasises capital market imperfections and firms' released liquidity constraints. Empirical applications of the latter theory often refer to linear econometric models to prove these imperfections and thus do not account for the range of inaction caused by irreversibility. In this study, a generalised Tobit model based on an augmented q model is developed with the intention of considering the coexistence of irreversibility and capital market imperfections. Simulation-based experiments allow investigating the properties of this model. It can be shown how disregarding irreversibility reduces effectiveness of simpler linear models.en_US
dc.language.isoengen_US
dc.publisher|aSFB 649, Economic Risk|cBerlinen_US
dc.relation.ispartofseries|aSFB 649 discussion paper|x2008,016en_US
dc.subject.jelD81en_US
dc.subject.jelD92en_US
dc.subject.jelC51en_US
dc.subject.ddc330en_US
dc.subject.keywordq modelen_US
dc.subject.keyworduncertaintyen_US
dc.subject.keywordcapital market imperfectionsen_US
dc.subject.keywordgeneralised Tobit modelen_US
dc.subject.stwInvestitionsfunktionen_US
dc.subject.stwTobin's Qen_US
dc.subject.stwTobit-Modellen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwUnvollkommener Markten_US
dc.subject.stwTheorieen_US
dc.titleEstimating investment equations in imperfect capital marketsen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn558753329en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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