کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5067636 | 1372613 | 2008 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Non-convexities in the adjustment of different capital inputs: A firm-level investigation
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Recent developments in investment research have highlighted the importance of non-convexities and irreversibilities in firms' adjustment of quasi-fixed inputs. Aggregation across capital goods may smooth out the discontinuities associated with the adjustment of individual assets. Lack of suitable data is one of the reasons why empirical work has typically relied on the assumption of capital homogeneity. In this paper we exploit a data set of 1539 Italian firms which allows us to disaggregate capital into equipment and structures, and purchases and sales of assets. We construct measures of fundamental Q to capture investment opportunities associated with each asset. We uncover the pattern of dynamic adjustment by using non-parametric techniques to relate each individual investment to its own fundamental Q.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 52, Issue 2, February 2008, Pages 315-337
Journal: European Economic Review - Volume 52, Issue 2, February 2008, Pages 315-337
نویسندگان
Alessandra Del Boca, Marzio Galeotti, Paola Rota,