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dc.contributor.authorPfann, Gerard A.en
dc.contributor.authorLetterie, Wilkoen
dc.contributor.authorVerick, Sheren
dc.date.accessioned2009-01-28T16:13:35Z-
dc.date.available2009-01-28T16:13:35Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/20367-
dc.description.abstractThe empirical identification of non-linearities in investment relies on how investment isassumed to be separated into various regimes. Using German establishment-level paneldata, we estimate a two-regime model of replacement and expansion investment whichallows us to observe regime separation, an aspect of the data that is typically absent fromprevious empirical studies. Our results indicate that firms tend to spread the expansion ofcapital stock over a period of years rather than concentrating investment in a single year.Moreover, there is evidence that investment is more sensitive to fundamentals in the highregime, where establishments both replace and expand capital stock, than in the low regime,where they only invest in replacement. Finally, correcting for endogenous sample selectionindicates that this source of bias does not affect the coefficient estimates significantly.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x1132en
dc.subject.jelC24en
dc.subject.jelC23en
dc.subject.jelE22en
dc.subject.ddc330en
dc.subject.keywordinvestmenten
dc.subject.keywordnon-convex adjustment costsen
dc.subject.keywordsample selection biasen
dc.subject.keywordpanel dataen
dc.subject.stwInvestitionen
dc.subject.stwReinvestitionen
dc.subject.stwAnpassungskostenen
dc.subject.stwTobin's qen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleNon-Linearities in the Expansion of Capital Stock-
dc.typeWorking Paperen
dc.identifier.ppn386737142en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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