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https://hdl.handle.net/10419/20367
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Pfann, Gerard A. | en |
dc.contributor.author | Letterie, Wilko | en |
dc.contributor.author | Verick, Sher | en |
dc.date.accessioned | 2009-01-28T16:13:35Z | - |
dc.date.available | 2009-01-28T16:13:35Z | - |
dc.date.issued | 2004 | - |
dc.identifier.uri | http://hdl.handle.net/10419/20367 | - |
dc.description.abstract | The 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.iso | eng | en |
dc.publisher | |aInstitute for the Study of Labor (IZA) |cBonn | en |
dc.relation.ispartofseries | |aIZA Discussion Papers |x1132 | en |
dc.subject.jel | C24 | en |
dc.subject.jel | C23 | en |
dc.subject.jel | E22 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | investment | en |
dc.subject.keyword | non-convex adjustment costs | en |
dc.subject.keyword | sample selection bias | en |
dc.subject.keyword | panel data | en |
dc.subject.stw | Investition | en |
dc.subject.stw | Reinvestition | en |
dc.subject.stw | Anpassungskosten | en |
dc.subject.stw | Tobin's q | en |
dc.subject.stw | Schätzung | en |
dc.subject.stw | Deutschland | en |
dc.title | Non-Linearities in the Expansion of Capital Stock | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 386737142 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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