Aggregate Investment Dynamics When Firms Face Fixed Investment Cost and Capital Market Imperfections

Topics:
Investment Strategy
Tags:
Capital Market,
Finance,
Financial Services,
Investment,
University Of Dortmund
Source:
University of Dortmund

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Overview: In this paper a model of aggregate investment is derived which incorporates fixed investment costs and capital market imperfections on the micro-level. Aggregate investment reacts nonlinearly with respect to aggregate shocks to productivity and liquidity of firms. Employing non-parametric kernel estimation methods to analyze a sample of annual account data of UK companies, these nonlinearities also show up empirically.

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Format: PDF | Size: 656KB | Date: Oct 2003 | Pages: 44

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