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Hétérogénéité des comportements d'investissement et fluctuations de l'investissement agrégé

Author

Listed:
  • Richard Duhautois
  • Stéphanie Jamet

Abstract

This paper studies the characteristics of companies' investment profiles using a database covering a large number of French companies. Following the example of Doms and Dunne (1998) we construct two statistical methods making it possible to identify periods of zero investment and periods of substantial investment. It appears that investment is intermittent and extremely heterogeneous. This finding raises the question of whether it is relevant to assume a representative agent for an aggregate investment model. In order to test whether the heterogeneity of company investment contains information on changes in aggregate investment, we suggest indicators for this heterogeneity and then incorporate them in an aggregate investment equation.

Suggested Citation

  • Richard Duhautois & Stéphanie Jamet, 2001. "Hétérogénéité des comportements d'investissement et fluctuations de l'investissement agrégé," Economie & Prévision, La Documentation Française, vol. 149(3), pages 103-115.
  • Handle: RePEc:cai:ecoldc:ecop_149_0103
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    References listed on IDEAS

    as
    1. Robert McDonald & Daniel Siegel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, Oxford University Press, vol. 101(4), pages 707-727.
    2. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April.
    3. McDonald, Robert L & Siegel, Daniel R, 1985. "Investment and the Valuation of Firms When There Is an Option to Shut Down," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 331-349, June.
    4. repec:adr:anecst:y:1995:i:37-38:p:09 is not listed on IDEAS
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    Cited by:

    1. Marco Grazzi & Nadia Jacoby & Tania Treibich, 2016. "Dynamics of investment and firm performance: comparative evidence from manufacturing industries," Empirical Economics, Springer, pages 125-179.

    More about this item

    Keywords

    irreversible investment; heterogeneity; form; level data;

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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