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Depreciation Rates in a Transition Economy: Evidence from Czech Panel Data

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  • Lubomir Lizal

    (CERGE-EI)

Abstract

This paper examines industrial differences in depreciation rates and the suitability of financial data for a microeconomic analysis. Depreciation is a main source of enterprise investment and serves as a source for replacement of obsolete or used-up capital. The findings on capital structure in this paper are consistent with the common view that heavy industry firms have long-life capital while firms operating in electronics, or light industry as a whole, have a capital structure containing a higher portion of a short-life capital. Also, larger firms are more likely to have a higher portion of long-life capital, like real estate. The last conclusion drawn from this analysis is that certain types of financial data might be highly influenced by seasonal effects which could operate as a measurement error and therefore distort estimates which are sensitive to measurement error.

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File URL: http://128.118.178.162/eps/mic/papers/0012/0012004.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 0012004.

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Length: 26 pages
Date of creation: 19 Feb 2001
Date of revision:
Handle: RePEc:wpa:wuwpmi:0012004

Note: Type of Document - Acrobat PDF; pages: 26 ; figures: Included
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Web page: http://128.118.178.162

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Keywords: Measurement error; Depreciation; Investment; Financial data; Transition;

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References

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  1. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  2. Stephen Bond & Costas Meghir, 1990. "Dynamic Investment Models and the Firm's Financial Policy," CEPR Financial Markets Paper 0013, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ.
  3. Toni M. Whited, 1990. "Debt, liquidity constraints, and corporate investment: evidence from panel data," Finance and Economics Discussion Series 114, Board of Governors of the Federal Reserve System (U.S.).
  4. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
  5. Abel, Andrew B & Blanchard, Olivier J, 1986. "The Present Value of Profits and Cyclical Movements in Investment," Econometrica, Econometric Society, vol. 54(2), pages 249-73, March.
  6. Harris, M.N. & Matyas, L., 1996. "A Comparative Analysis of Different Estimatiors for Dynamic Panel data Models," Monash Econometrics and Business Statistics Working Papers 4/96, Monash University, Department of Econometrics and Business Statistics.
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Cited by:
  1. Lubomir Lizal, 1999. "Does a Soft Macroeconomic Environment Induce Restructuring on the Microeconomic Level during the Transition Period? Evidence from Investment Behavior of Czech Enterprises," William Davidson Institute Working Papers Series 235, William Davidson Institute at the University of Michigan.
  2. Dana Hajkova, 2008. "The Measurement of Capital Services in the Czech Republic," Working Papers 2008/11, Czech National Bank, Research Department.
  3. Janez Prasnikar & Jan Svejnar, 1998. "Investment Wages and Ownership During the Transition to a Market Economy: Evidence from Slovenian Firms," William Davidson Institute Working Papers Series 144, William Davidson Institute at the University of Michigan.
  4. Fidrmuc, Jarko & Horváth, Roman & Horváthová, Eva, 2008. "Corporate Interest Rates and the Financial Accelerator in the Czech Republic," Discussion Papers in Economics 7191, University of Munich, Department of Economics.
  5. Lubomir Lizal & Jan Svejnar, 2001. "Investment, Credit Rationing and the Soft Budget Constraint: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series 363, William Davidson Institute at the University of Michigan.
  6. Lubomir Lizal & Jan Svejnar, 2000. "Financial Conditions and Investment during the Transition: Evidence from Czech Firms," CERGE-EI Working Papers wp153, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  7. Jaromír Hurník & David Navrátil, 2005. "Potential Output in the Czech Republic: A Production Function Approach," Prague Economic Papers, University of Economics, Prague, vol. 2005(3), pages 253-266.

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