Investment Decisions and capital adjustment costs: estimation of a dynamic discrete choice model using panel data for greek manufacturing firms
| dc.contributor.author | Λαπατίνας, Αθανάσιος | el |
| dc.date.accessioned | 2015-11-24T17:04:24Z | |
| dc.date.available | 2015-11-24T17:04:24Z | |
| dc.identifier.uri | https://olympias.lib.uoi.gr/jspui/handle/123456789/11172 | |
| dc.rights | Default Licence | - |
| dc.title | Investment Decisions and capital adjustment costs: estimation of a dynamic discrete choice model using panel data for greek manufacturing firms | en |
| heal.abstract | In this paper we estimate a dynamic structural model of capital investment at the firm level. Our dataset consists of a balanced panel of 1419 Greek firms. Two important features are present in our dataset. There are periods in which firms decide not to invest and periods of large investment episodes. This empirical evidence of infrequent and lumpy investment is in favour of irreversibilities and non-convex capital adjustment costs. Following Cooper and Haltiwanger (2006) we consider a dynamic discrete choice model of a general specification of adjustment costs including convex and non-convex components. We also assume total irreversibility of investment. We use an indirect inference procedure as in Gourieroux, Monfort and Renault (1993) and Smith (1993) to estimate the structural parameters. Our goal is to investigate the nature of the capital adjustment process at the firm level for Greek data. | en |
| heal.access | campus | - |
| heal.fullTextAvailability | TRUE | - |
| heal.journalName | Computational Optimization in Economics and Finance | en |
| heal.journalType | peer reviewed | - |
| heal.language | en | - |
| heal.publicationDate | 2007 | - |
| heal.recordProvider | Πανεπιστήμιο Ιωαννίνων. Σχολή Οικονομικών και Κοινωνικών Επιστημών. Τμήμα Οικονομικών Επιστημών | el |
| heal.type | journalArticle | - |
| heal.type.el | Άρθρο Περιοδικού | el |
| heal.type.en | Journal article | en |
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