Download Investment and Exit Decisions at the Plant Level: A Dynamic by By (author) Joachim Winter PDF

By By (author) Joachim Winter

This publication develops a dynamic programming framework for the research of corporations' joint funding and industry go out judgements and reports equipment for econometric estimation of such versions. In an empirical software of this framework, a model of this version that enables for monetary constraints is expected by means of structural equipment, utilizing a plant-level dataset for a pattern of U.S. enterprises. The empirical research exhibits that either the plant's productiveness and firm-level monetary constraints have very important results on plant-level funding and go out judgements. the most contribution of the e-book to the empirical funding literature is the appliance of a combined discrete-continuous Markov strategy framework to funding and go out judgements, and the structural estimation utilizing a full-information maximum-likelihood process, the nested fixed-point set of rules.

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Additional resources for Investment and Exit Decisions at the Plant Level: A Dynamic Programming Approach

Sample text

Successful econometric studies of firm or plant entry include Berry (1992). His central idea is to use observed entry decisions of airlines as indicators of underlying profitability. Another example for the empirical application of models of industry dynamics with endogenous entry is a simulation study by Siow and Zhu (1997). Their model is based on the industry dynamics framework by Ericson and Pakes (1995). However, they also consider training and managing at the plant level (in fact, managing needs are the driving force for plant creation in their model).

I begin with established theoretical models of informational asymmetries between borrowers (firms) and lenders (banks) that lead to credit rationing, or more generally, to financial constraints on firms' decisions. Then I review the literature on the macroeconomic consequences of such constraints, and the empirical evidence available so far. Finally, I present a more recent literature on the within-firm allocation of funds; these models have important implications for empirical studies of firm behav17 The financial structure of firms influences other aspects of firm behavior as well.

The model of Stiglitz and Weiss has been criticized because it fails to explain the use of debt contracts and because of the simple structure of loan contracts assumed. While Stiglitz and Weiss concentrate on rationing, there are other forms of agency costs that affect investment. In Gale and Hellwig (1985), for example, underinvestment occurs because of expected bankruptcy costs when firms differ in quality. One way to overcome informational asymmetries is to establish institutions that provide publicly available information on companies or, at least, provide this information at lower cost due to scale economies in information gathering (see Diamond (1984)).

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