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Evaluating the Capacity of Standard Investment Appraisal Methods

Akalu, Mehari Mekonnen - Tinbergen Instituut - 2002

The survey findings indicate the existence of gap between theory and practice of capital budgeting. Standard appraisal methods have shown a wider project value discrepancy, which is beyond and above the contingency limit. In addition, the research has found the growing trend in the use of value...

Persistent link: https://www.econbiz.de/10011256495

A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

Akalu, Mehari Mekonnen; Turner, Rodney - Tinbergen Instituut - 2002

One of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher...

Persistent link: https://www.econbiz.de/10011257488

Defensive Disclosure under Antitrust Enforcement

Bhaskarabhatla, Ajay; Pennings, Enrico - Tinbergen Instituut - 2012

We formulate a simple model of optimal defensive disclosure by a monopolist facinguncertain antitrust enforcement and test its implications using unique data on defensivedisclosures and patents by IBM during 1955-1989. Our results indicate that strongerantitrust enforcement leads to more...

Persistent link: https://www.econbiz.de/10011257572

Differential Impact of Environmental Policy Instruments on Technological Change: A Review of the Empirical Literature

Vollebergh, Herman R.J. - Tinbergen Instituut - 2006

recent literature is that there is a clear impact of environmental policy on invention, innovation and diffusion of …

Persistent link: https://www.econbiz.de/10011256107

Skill Variety, Innovation and New Business Formation

Hessels, Jolanda; Brixy, Udo; Naudé, Wim; Gries, Thomas - Tinbergen Instituut - 2014

We extend Lazear’s theory of skills variety and entrepreneurship in three directions. First, we provide a theoretical … being a generalist does not seem to be important in this regard. Finally, we find that innovation positively moderates the … commercial value. Our findings support the notion that entrepreneurship can be learned. …

Persistent link: https://www.econbiz.de/10011272604

What is the Value of Entrepreneurship? A Review of Recent Research

Praag, C. Mirjam van; Versloot, Peter H. - Tinbergen Instituut - 2007

claim that entrepreneurship has important economic value. Hence, a systematic review is provided that answers the question … answer the question: What is the contribution of entrepreneurs to (i) employment generation and dynamics, (ii) innovation … group’? A fourth type of contribution studied is the role of entrepreneurship in increasing individuals’ utility levels …

Persistent link: https://www.econbiz.de/10011257287

Endogenous Technological Change under Uncertainty

Hek, Paul A. de - Tinbergen Instituut - 2002

How does risk or uncertainty in the productivity of research affect the growth rate of the economy? To answer this question, a model of endogenous technological change is used where sustained growth stems from intentional investments in R&D from profit-maximizing firms. The uncertainty arises...

Persistent link: https://www.econbiz.de/10011255608

Uncertain Technological Change under Capital Mobility

Hek, Paul A. de - Tinbergen Instituut - 2005

The analysis in this paper shows that unpredictable variations in economic productivity may have a positive or negative effect on the average growth rate of output. This theoretical ambiguity result is not solely determined by the value of the elasticity of intertemporal substitution (of...

Persistent link: https://www.econbiz.de/10011256297

Acceleration of Technology Adoption withing Firms

Koellinger, Philipp; Schade, Christian - Tinbergen Instituut - 2008

This paper studies the diffusion of multiple, related technologies among firms. The results suggest an endogenous acceleration mechanism of technology adoption: The more advanced a firm is in using a particular set of technologies, the more likely it is to adopt additional, related technologies....

Persistent link: https://www.econbiz.de/10011256328

Technological Change during the Energy Transition

Meijden, Gerard van der; Smulders, Sjak - Tinbergen Instituut - 2014

simultaneous use of the resource and the alternative energy source will take place if the return to innovation becomes too low. …

Persistent link: https://www.econbiz.de/10011256371

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