Uncertainty determinants of firm investment

被引：50

作者：

Baum, Christopher F. ^{[1
,2
]}

Caglayan, Mustafa ^{[3
]}

Talavera, Oleksandr ^{[2
]}

机构：

[1] Boston Coll, Dept Econ, Chestnut Hill, MA 02467 USA

[2] DIW, Berlin, Germany

[3] Univ Sheffield, Sheffield S10 2TN, S Yorkshire, England

来源：

ECONOMICS LETTERS | 2008年 / 98卷 / 03期

关键词：

capital investment; asymmetric information; financial frictions; uncertainty; CAPM;

D O I：

10.1016/j.econlet.2007.05.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the impact of measures of uncertainty on firms' capital investment behavior using a panel of U.S. firms. Increases in firm-specific and CAPM-based measures have a significant negative effect on investment spending, while market-based uncertainty has a positive impact. (c) 2007 Elsevier B.V. All rights reserved.

引用

页码：282 / 287

页数：6

共 14 条

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