In der Literatur werden zahlreiche Versuche unternommen, das Investitionsverhalten von Unternehmen durch die Anwendung ökonometrischer Modelle zu verstehen. Die Spezifikation dieser Modelle stützt sich in der jüngeren Vergangenheit auf zwei Theoriebereiche. Zum einen ist dies die neue...

Low investment rates are a puzzling phenomenon particularly in transition economies with an urgent need for modernisation. The literature offers two alternative explanations: imperfect capital markets and investment reluctance due to real options effects. In this paper, we develop a generalised...

Analyzing the dynamics of structural change of an industry is a fundamental but challenging issue in economics. Accordingly, many attempts have been made to rationalize entry and exit decisions of firms, which, in total, appear as structural change of a sector. Among the most often hypothesized...

We analyze farmland prices in the German federal state of Brandenburg from 2000 to 2011 with the aim to understand the price formation process in farmland foreclosures. Pressured sales usually result in a price discount due to time constraints; however, the land is sold using public auctions....

Numerous 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...