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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP2995 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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