G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2995
DP2995 Regional Underdevelopment: Is FDI the Solution? A Semiparametric Analysis
Katharine Wakelin; Sourafel Girma
发表日期2001-10-10
出版年2001
语种英语
摘要This Paper shows how microeconomic data on investment plans can be used to study the structure of risk faced by firms. Revisions of investment plans form a martingale, and thus reveal the underlying shocks driving investment. We decompose revisions in investment plans into micro, sector and aggregate shocks, and exploit stock market data to distinguish between structural (value-related) shocks and measurement error in investment revisions. Using panel data for US firms, we find that micro shocks are not the dominant source of risk in investment decisions, and that much of the observed micro variation is actually due to heterogeneity in firm-level responses to aggregate shocks. Firms are able to diversify most idiosyncratic investment risk, and they do not appear to be liquidity-constrained.
主题International Macroeconomics ; Industrial Organization
关键词investment Micro shocks Aggregate shocks Heterogeneity
URLhttps://cepr.org/publications/dp2995
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532025
推荐引用方式
GB/T 7714
Katharine Wakelin,Sourafel Girma. DP2995 Regional Underdevelopment: Is FDI the Solution? A Semiparametric Analysis. 2001.
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