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An Alternative Estimation Framework for Firm-Level Capital Investment

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Author Info
Fennema, Julian A. (CERT, Heriot-Watt University)
Abstract

This paper derives and implements Tobit estimation frameworks based on the Abel and Eberly (1998) investment model. We find evidence that a model of investment using rates of capacity utilisation is superior to a standard accelerator model. We apply this framework to a cross-section of firms in Poland, Romania and Spain in order to estimate the incidence of financing constraints.

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File URL: http://repec.org/res2002/Fennema.pdf
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Publisher Info
Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2002 with number 72.

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Date of creation: 29 Aug 2002
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Handle: RePEc:ecj:ac2002:72

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Web page: http://www.res.org.uk/society/annualconf.asp
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This page was last updated on 2008-8-3.

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