EconStor >
Institut für Weltwirtschaft (IfW), Kiel >
Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/28953
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorNi, Shawnen_US
dc.contributor.authorRatti, Ronald A.en_US
dc.date.accessioned2009-12-07en_US
dc.date.accessioned2009-12-08T15:27:56Z-
dc.date.available2009-12-08T15:27:56Z-
dc.date.issued2009en_US
dc.identifier.citationEconomics: The Open-Access, Open-Assessment E-Journal 3 2009-41 1-22 doi:10.5018/economics-ejournal.ja.2009-41en_US
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2009-41-
dc.identifier.urihttp://hdl.handle.net/10419/28953-
dc.description.abstractWe present a model in which investors observe the same macroeconomic data but have varying levels of information about the parameters that determine the distribution of the expected returns on investment. During a crisis that increases macroeconomic uncertainty and reduces asset prices, the threshold required return that triggers investment is lower for an informed investor than for an uninformed investor. Simulation of the model suggests that when macroeconomic uncertainty is high investment may increase, is mostly by informed investors, and as time goes on is progressively more by investors who were initially relatively uninformed about model parameters. For over 10,000 instances of firm-level FDI data for Korea from 1996 to 2001, regression results are consistent with the hypothesis that disproportionably more FDI is made by more informed investors during a period of high macroeconomic uncertainty.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.subject.jelD8en_US
dc.subject.jelE2en_US
dc.subject.jelF4en_US
dc.subject.ddc330en_US
dc.subject.keywordParameter uncertaintyen_US
dc.subject.keywordinvestor informationen_US
dc.subject.keywordoption valueen_US
dc.subject.keywordBayesian updatingen_US
dc.subject.keywordFDIen_US
dc.subject.stwInvestitionen_US
dc.subject.stwDirektinvestitionen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwKonjunkturen_US
dc.subject.stwRealoptionen_US
dc.subject.stwTheorieen_US
dc.subject.stwSüdkoreaen_US
dc.titleHeterogeneous parameter uncertainty and the timing of investment during crisisen_US
dc.typeArticleen_US
dc.identifier.ppn614389127en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifweej:200941-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles

Files in This Item:
File Description SizeFormat
614389127.pdf423.9 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.