Investigating the Link between Uncertainty and Investment - Microeconometric Evidence from Germany
We analyse empirically the effect of uncertainty on the investment decisions of a sample of quoted German firms. The uncertainty measures are constructed by employing two procedures: the conventional formula of standard deviation, and the GARCH methodology. In the econometric estimates the investment rate is shown to depend negatively on a variable that results from the interaction between uncertainty and market concentration.
Year of publication: |
2000-08
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Authors: | Böhm, Hjalmar ; Funke, Michael ; Siegfried, Nikolaus A. |
Institutions: | Institut für Makroökonomie und Wirtschaftspolitik, Fachbereich Volkswirtschaftslehre |
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