This study tests for the presence of real options effects induced by uncertainty and (partial) irreversibility on fixed capital investment using Italian company data. The approach recognizes that firm-level investment spending may, itself, be aggregated over multiple investment decisions in...

Drawing on recent research, this study elaborates on the role of the IMF in support of its low-income members, pointing to the global character of the institution and to its superior ability - given its multilateral nature - to serve as a financial institution, an information provider, and a...

This study investigates the relationship between uncertainty and investment using U. K. data at different levels of aggregation. Motivated by a comparative econometric analysis using a firm-level panel and aggregate time-series data, we analyze the implications of aggregating nonlinear...