| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Capital Heterogeneity: Does it Matter? Fundamental Q and Investment on a Panel of Italian Firms | |
| Paola Rota; Elena Bontempi; Alessandra Del Boca; Alessandra Franzosi | |
| 发表日期 | 2001 |
| 出处 | Economy and Society |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In this paper we study the determinants of investment decisions at the firm level with heterogeneous capital goods. We exploit a newly developed panel dataset of small and medium-sized firms which allows us to distinguish between purchases, sales, and net acquisitions of capital goods. We distinguish between equipment and structures and test the assumption of convex adjustment costs. Since our firms are mostly unlisted, the standard Q model based on stock market valuation is no longer appropriate. Instead, we use the fundamental Q approach proposed by Abel and Blanchard (1986) and Gilchrist and Himmelberg (1995) and extend it to the case of several capital inputs. The results show that the standard convex costs model fits very well equipment and but not structures. We find evidence for non-convexities in the case of structures. |
| 特色分类 | D24,G31,C33,C34 |
| 关键词 | Investment,Q,heterogeneous capital goods,VAR estimation,panel data |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/capital-heterogeneity-does-it-matter-fundamental-q-and-investment-on-a-panel-of-italian-firms/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116691 |
| 推荐引用方式 GB/T 7714 | Paola Rota,Elena Bontempi,Alessandra Del Boca,et al. Capital Heterogeneity: Does it Matter? Fundamental Q and Investment on a Panel of Italian Firms. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2001-088.pdf（799KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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