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FDI in the CEEC's and the Theory of Real Options: An Empirical Assessment

  • Carlo Altomonte

Building on the empirical evidence resulting from a newly developed database of foreign direct investment (FDI) operations in the countries of Central and Eastern Europe (CEECs), panel data techniques are used to show that, at the sector level, a consistent modelling of FDI flows needs to take into account not only the determinants traditionally considered by the literature, including the recent developments on gravity models, but also variables linked to the institutional environment in which the FDI is undertaken. The inclusion of these variables, affecting the risk and the uncertainty of the FDI operation, is in line with the main findings of the real option theory of investments, whose implications are here empirically tested with success.

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Paper provided by LICOS - Centre for Institutions and Economic Performance, KU Leuven in its series LICOS Discussion Papers with number 7698.

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Length: 34 pages
Date of creation: 01 Sep 1998
Date of revision:
Handle: RePEc:lic:licosd:7698
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  1. Peter J Buckley & Mark C Casson, 1998. "Models of the Multinational Enterprise," Journal of International Business Studies, Palgrave Macmillan, vol. 29(1), pages 21-44, March.
  2. Thomas, J. & Worral, T., 1991. "Foreign Direcyt Investment and the Risk of Expropriation," Papers 9126, Tilburg - Center for Economic Research.
  3. James R. Markusen, 2004. "Multinational Firms and the Theory of International Trade," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633078, June.
  4. Irving B. Kravis & Robert E. Lipsey, 1980. "The Location of Overseas Production and Production for Export by U.S. Multinational Firms," NBER Working Papers 0482, National Bureau of Economic Research, Inc.
  5. Vannini, Stefano, 1994. "Foreign Direct Investment in Central and Eastern European Countries : The Role of Institutional Reforms," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1995024, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 14 Jul 1995.
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