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How and when do firms adjust their investments toward targets?

Klepsch, Catharina; Elsas, Ralf - 2016

Due to adjustment costs, firms' only partially adjust toward desired investment levels. By exploiting unique survey data on firms' desired investments, we examine how and when firms adjust their investments toward stated plans (targets). More precisely, we examine how financing costs due to...

Persistent link: https://www.econbiz.de/10011527613

Financing decisions along a firm's life-cycle: debt as a commitment device

Hirsch, Julia; Walz, Uwe - 2010

We analyze the life-cycle patterns of a firm's financing decisions and their interaction with future growth and development decisions. The framework derives three different financing sequences (debt-debt, equity-debt, equity-equity financing) which we link to existing empirical research....

Persistent link: https://www.econbiz.de/10010270176

Channels of firm expansion and contraction

Breinlich, Holger; Niemann, Stefan - 2010

We propose a model of firm expansion and contraction choices which integrates approaches from the industrial organization and corporate finance literature within one unified setting. Firms respond to shocks to their marginal costs by expanding or contracting output via internal or external...

Persistent link: https://www.econbiz.de/10010270097

Time to Build and the Business Cycle

Meier, Matthias - 2017

Investment is central for business cycles and a key characteristic of investment is time to build (TTB). I document that TTB is volatile and largest during recessions. To study these fluctuations, I develop a model. In the model, the longer TTB, the less frequently firms invest, and the less...

Persistent link: https://www.econbiz.de/10011712572

Leaders, Followers, and Risk Dynamics in Industry Equilibrium

Carlson, Murray; Dockner, Engelbert; Fisher, Adlai; … - 2010

We study own and rival risk in a dynamic duopoly with a homogeneous output good. A competitor's options to adjust capacity reduce own-firm risk through a simple hedging channel. For example, if a rival possesses a growth option, an increase in industry demand directly enhances current profits...

Persistent link: https://www.econbiz.de/10010270190

Quality of investment environment. Evidence from Romania

Burcea, Felix-Constantin - 2012

country competitiveness and, therefore, the quality of the investment environment. I applied the methodology used in the … Global Competitiveness Report 2011-2012, and the pillars for this analysis are: Basic Requirements (Institutions … Global Competitiveness Report 2011-2012, considering: the competitive advantage or disadvantage by comparing the Romanian …

Persistent link: https://www.econbiz.de/10011340913

Democratic Institutions and Environmental Quality: Effects and Transmission Channels

Kinda, Somlanare Romuald - 2011

This paper aims at analysing the effect of democratic institutions on environmental quality (carbon dioxide per capita, sulfure dioxide per capita) and at identifying potential channel transmissions. We use panel data from 1960 to 2008 in 122 developing and developed countries and modern...

Persistent link: https://www.econbiz.de/10010305640

Long-Run Elasticity of the Substitution in the Slovak Economy

Szomolányi, Karol; Lukáčik, Martin; Lukáčiková, … - 2017

The value of the Slovak long-run elasticity substitution is relatively slow – about 0.10. It follows from the estimate of low-frequency econometric model. Econometric form is given by the capital demand derived from the first-order conditions of the firm maximizing its profit. Due to the...

Persistent link: https://www.econbiz.de/10011920394

Elasticity of Substitution in Post-Communist Economies

Szomolányi, Karol; Lukáčik, Martin; Lukáčiková, … - 2018

In our research we estimate the elasticity of substitution post-communist economies integrated in European Union. There are many approaches to estimate the production function coefficients as the elasticity of substitution. We argue that a frequency panel model is suitable econometric tool for...

Persistent link: https://www.econbiz.de/10011920436

Competitiveness Factors at National and Regional Level. A Panel Analysis for Romania

Chilian, Mihaela-Nona - 2012

and some significant factors of competitiveness at national and regional level (mainly regarding investment and employment …

Persistent link: https://www.econbiz.de/10011340674

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