Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/25258 
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dc.contributor.authorHüttel, Silkeen
dc.contributor.authorMußhoff, Oliveren
dc.contributor.authorOdening, Martinen
dc.contributor.authorZinych, Nataliyaen
dc.date.accessioned2008-02-21-
dc.date.accessioned2009-07-23T15:03:38Z-
dc.date.available2009-07-23T15:03:38Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/25258-
dc.description.abstractNumerous studies have tried to provide a better understanding of firm-level investment behaviour using econometric models. The model specification of more recent studies has been based on two main approaches. The first, the real options approach, focuses on irreversibility and uncertainty in perfect capital markets; of particular interest is the range of inaction caused by sunk costs. The second, the neo-institutional finance theory, emphasises capital market imperfections and firms' released liquidity constraints. Empirical applications of the latter theory often refer to linear econometric models to prove these imperfections and thus do not account for the range of inaction caused by irreversibility. In this study, a generalised Tobit model based on an augmented q model is developed with the intention of considering the coexistence of irreversibility and capital market imperfections. Simulation-based experiments allow investigating the properties of this model. It can be shown how disregarding irreversibility reduces effectiveness of simpler linear models.en
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2008,016en
dc.subject.jelD81en
dc.subject.jelD92en
dc.subject.jelC51en
dc.subject.ddc330en
dc.subject.keywordq modelen
dc.subject.keyworduncertaintyen
dc.subject.keywordcapital market imperfectionsen
dc.subject.keywordgeneralised Tobit modelen
dc.subject.stwInvestitionsfunktionen
dc.subject.stwTobin's Qen
dc.subject.stwTobit-Modellen
dc.subject.stwFinanzmarkten
dc.subject.stwUnvollkommener Markten
dc.subject.stwTheorieen
dc.titleEstimating investment equations in imperfect capital markets-
dc.type|aWorking Paperen
dc.identifier.ppn558753329en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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