| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4025 |
| DP4025 Uncertainty and Company Investment Dynamics: Empirical Evidence for UK Firms | |
| Stephen Roy Bond; John Van Reenen; Nicholas Bloom | |
| 发表日期 | 2003-08-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper investigates the empirical relationship between uncertainty and investment dynamics. This is motivated by the real options literature, which suggests a weaker response of investment to demand shocks at higher levels of uncertainty, as firms place a greater value on the option to wait. Using simulated data we show that this more cautious behaviour can be detected as a smaller impact of sales growth on investment for firms facing higher uncertainty. Using a stock returns volatility measure of uncertainty for a large panel of quoted UK companies, we find a similar interaction effect in our econometrics analysis. |
| 主题 | Industrial Organization |
| 关键词 | investment Uncertainty Real options Panel data |
| URL | https://cepr.org/publications/dp4025 |
| 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/533002 |
| 推荐引用方式 GB/T 7714 | Stephen Roy Bond,John Van Reenen,Nicholas Bloom. DP4025 Uncertainty and Company Investment Dynamics: Empirical Evidence for UK Firms. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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