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|z 9781451948011
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|a Lombardi, Domenico.
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|a To Buy or Not to Buy? :
|b Uncertainty, Irreversibility and Heterogeneous Investment Dynamics in Italian Company Data /
|c Domenico Lombardi, Stephen Bond.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2004.
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|a 1 online resource (29 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This study tests for the presence of real options effects induced by uncertainty and (partial) irreversibility on fixed capital investment using Italian company data. The approach recognizes that firm-level investment spending may, itself, be aggregated over multiple investment decisions in separate types of capital goods and emphasizes effects of uncertainty on short-run investment dynamics. Using a survey-based measure of uncertainty related to the assessment of managers responsible for the firms' investment plans, the study finds evidence of heterogeneous and nonlinear dynamics pointing to a slower adjustment of investment in response to demand shocks at higher levels of uncertainty. The results also point to an additional source of nonlinearity originating from a convex response of investment to demand shocks.
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|a Mode of access: Internet
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|a Bond, Stephen.
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|a IMF Working Papers; Working Paper ;
|v No. 2004/104
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2004/104/001.2004.issue-104-en.xml
|z IMF e-Library
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