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dc.contributor.authorNi, Shawnen
dc.contributor.authorRatti, Ronald A.en
dc.date.accessioned2009-12-07-
dc.date.accessioned2009-12-08T15:27:56Z-
dc.date.available2009-12-08T15:27:56Z-
dc.date.issued2009-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v3|h2009-41|nKiel Institute for the World Economy (IfW)|lKiel|y2009|p1-22en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2009-41en
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.subject.jelD8en
dc.subject.jelE2en
dc.subject.jelF4en
dc.subject.ddc330en
dc.subject.keywordParameter uncertaintyen
dc.subject.keywordinvestor informationen
dc.subject.keywordoption valueen
dc.subject.keywordBayesian updatingen
dc.subject.keywordFDIen
dc.subject.stwInvestitionen
dc.subject.stwDirektinvestitionen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwKonjunkturen
dc.subject.stwRealoptionen
dc.subject.stwTheorieen
dc.subject.stwSüdkoreaen
dc.titleHeterogeneous parameter uncertainty and the timing of investment during crisis-
dc.typeArticleen
dc.identifier.ppn614389127en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:200941en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume3en
econstor.citation.issue2009-41en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2009en
econstor.citation.startpage1en
econstor.citation.endpage22en

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