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A Simple Approach for Deciding When to Invest

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  • Jonathan B. Berk
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.89.5.1319
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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 89 (1999)
    Issue (Month): 5 (December)
    Pages: 1319-1326

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    Handle: RePEc:aea:aecrev:v:89:y:1999:i:5:p:1319-1326

    Note: DOI: 10.1257/aer.89.5.1319
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    1. Pindyck, Robert S., 1986. "Irreversible investment, capacity choice, and the value of the firm," Working papers 1802-86., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. Robert S. Pindyck, 1990. "Irreversibility, Uncertainty, and Investment," NBER Working Papers 3307, National Bureau of Economic Research, Inc.
    3. Kenneth B. Dunn & Chester S. Spatt, 1999. "Call Options, Points, and Dominance Restrictions on Debt Contracts," Journal of Finance, American Finance Association, vol. 54(6), pages 2317-2337, December.
    4. LeRoy, Stephen F, 1996. "Mortgage Valuation under Optimal Prepayment," Review of Financial Studies, Society for Financial Studies, vol. 9(3), pages 817-44.
    5. Stanton, Richard, 1995. "Rational Prepayment and the Valuation Mortgage-Backed Securities," Review of Financial Studies, Society for Financial Studies, vol. 8(3), pages 677-708.
    6. Cukierman, Alex, 1980. "The Effects of Uncertainty on Investment under Risk Neutrality with Endogenous Information," Journal of Political Economy, University of Chicago Press, vol. 88(3), pages 462-75, June.
    7. Ben S. Bernanke, 1980. "Irreversibility, Uncertainty, and Cyclical Investment," NBER Working Papers 0502, National Bureau of Economic Research, Inc.
    8. Jonathan B. Berk & Richard C. Green & Vasant Naik, 1999. "Optimal Investment, Growth Options, and Security Returns," Journal of Finance, American Finance Association, vol. 54(5), pages 1553-1607, October.
    9. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, vol. 75(3), pages 505-14, June.
    10. Ingersoll, Jonathan E, Jr & Ross, Stephen A, 1992. "Waiting to Invest: Investment and Uncertainty," The Journal of Business, University of Chicago Press, vol. 65(1), pages 1-29, January.
    11. McDonald, Robert & Siegel, Daniel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, MIT Press, vol. 101(4), pages 707-27, November.
    12. Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," The Journal of Business, University of Chicago Press, vol. 58(2), pages 135-57, April.
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    Cited by:
    1. Pástor, Luboš & Veronesi, Pietro, 2003. "Stock Prices and IPO Waves," CEPR Discussion Papers 4002, C.E.P.R. Discussion Papers.
    2. Paolo M. Panteghini, 2001. "Dual income taxation : the choice of the imputed rate of return," Finnish Economic Papers, Finnish Economic Association, vol. 14(1), pages 5-13, Spring.
    3. Egli, Dominik & Ongena, Steven & Smith, David C., 2006. "On the sequencing of projects, reputation building, and relationship finance," Finance Research Letters, Elsevier, vol. 3(1), pages 23-39, March.
    4. William R. Emmons & Frank A. Schmid, 2004. "Monetary policy actions and the incentive to invest," Supervisory Policy Analysis Working Papers 2004-03, Federal Reserve Bank of St. Louis.
    5. David E. Frame, 2008. "Regional Migration and House Price Appreciation," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 96-112.
    6. William R. Emmons & Frank A. Schmid, 2002. "Cracks in the facade: American economic and financial structures after the boom," Working Papers 2002-026, Federal Reserve Bank of St. Louis.

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