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

  • Lubomir Lizal

    (CERGE-EI)

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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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
Contact details of provider: Web page: http://128.118.178.162

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  1. 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.
  2. Whited, Toni M, 1992. " Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data," Journal of Finance, American Finance Association, vol. 47(4), pages 1425-60, September.
  3. Bond, Stephen & Meghir, Costas, 1994. "Dynamic Investment Models and the Firm's Financial Policy," Review of Economic Studies, Wiley Blackwell, vol. 61(2), pages 197-222, April.
  4. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  5. Andrew B. Abel & Olivier J. Blanchard, 1983. "The Present Value of Profits and Cyclical Movements in Investment," NBER Working Papers 1122, National Bureau of Economic Research, Inc.
  6. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
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