Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/20367
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dc.contributor.authorPfann, Gerard A.en_US
dc.contributor.authorLetterie, Wilkoen_US
dc.contributor.authorVerick, Sheren_US
dc.date.accessioned2009-01-28T16:13:35Z-
dc.date.available2009-01-28T16:13:35Z-
dc.date.issued2004en_US
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_US
dc.language.isoengen_US
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonn-
dc.relation.ispartofseries|aIZA Discussion paper series |x1132en_US
dc.subject.jelC24en_US
dc.subject.jelC23en_US
dc.subject.jelE22en_US
dc.subject.ddc330en_US
dc.subject.keywordinvestmenten_US
dc.subject.keywordnon-convex adjustment costsen_US
dc.subject.keywordsample selection biasen_US
dc.subject.keywordpanel dataen_US
dc.subject.stwInvestitionen_US
dc.subject.stwReinvestitionen_US
dc.subject.stwAnpassungskostenen_US
dc.subject.stwTobin's qen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleNon-Linearities in the Expansion of Capital Stocken_US
dc.typeWorking Paperen_US
dc.identifier.ppn386737142en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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