全球智库信息集成服务系统(G2TT): The Effect of Uncertainty on Investment: Some Stylized Facts

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w4986
来源ID	Working Paper 4986
	The Effect of Uncertainty on Investment: Some Stylized Facts
	John V. Leahy; Toni M. Whited
发表日期	1995
出版年	1995
语种	英语
摘要	The theoretical relationship between investment and uncertainty is ambiguous. This paper briefly surveys the insights that theory has to offer and then runs a series of simple tests aimed at evaluating the empirical significance of various theoretical effects. Our results from a panel of U.S. manufacturing firms indicate a negative effect of uncertainty on investment consistent with theories of irreversible investment. We find no evidence for a positive effect via the channel of the convexity of the marginal product of capital, and we find no evidence for the presence of a CAPM-based effect of risk.
主题	Macroeconomics ; Consumption and Investment
URL	https://www.nber.org/papers/w4986
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/562410
推荐引用方式 GB/T 7714	John V. Leahy,Toni M. Whited. The Effect of Uncertainty on Investment: Some Stylized Facts. 1995.