| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Investment and Time to Plan: A Comparison of Structures vs. Equipment in a Panel of Italian Firms | |
| Charles Himmelberg; Alessandra del Boca; Marzio Galeotti; Paola Rota | |
| 发表日期 | 2005 |
| 出处 | Economy and Society |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | "Time to build" models of investment expenditures play an important role in many traditional and modern theories of the business cycle, especially for explaining the dynamic propagation of shocks. We estimate the structural parameters of a time-to-build model using firm-level investment data on equipment and structures. For equipment expenditures, we find no evidence of time-to-build effects beyond one period. For structures, by contrast, there is clear evidence of time to build in the range of 2-3 years. The contrast between equipment and structures is intuitively reasonable and consistent with previous results. The estimates for structures also indicate that initial-period expenditures are low, and increase as projects near completion. These results provide empirical support for including "time to plan" effects for investment in structures. More generally, these results suggest a potential source of specification error for Q models of investment and production-based asset pricing models that ignore the time required to plan, build and install new capital. |
| 特色分类 | D24,G31,C33,C34 |
| 关键词 | Investment expenditures,Panel data,Italian firms,Time to build |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/investment-and-time-to-plan-a-comparison-of-structures-vs-equipment-in-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/117167 |
| 推荐引用方式 GB/T 7714 | Charles Himmelberg,Alessandra del Boca,Marzio Galeotti,et al. Investment and Time to Plan: A Comparison of Structures vs. Equipment in a Panel of Italian Firms. 2005. |
| 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 | ||
| NDL2005-054.pdf（1202KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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