Time-To-Build and Convex Adjustment Costs

Time-To-Build and Convex Adjustment Costs
This paper incorporates time-to-build into the standard investment model with convex adjustment costs. The empirical Euler equation is estimated using a U.S. firm-level panel from Compustat. In spite of the introduction of time-to-build, the magnitude of the implied adjustment costs is unrealistically high. Exploiting another approach, I test... READ MORE...

Publication date: January 2001
ISBN 9781451842593
$15.00

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