Growth Of Firms Under Uncertainty

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Growth Of Firms Under Uncertainty

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Author : Ashoka Mody
language : en
Publisher:
Release Date : 1987

Growth Of Firms Under Uncertainty written by Ashoka Mody and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Corporations categories.

The Firm Under Uncertainty

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Author : Ren-Raw Chen
language : en
Publisher:
Release Date : 2010

The Firm Under Uncertainty written by Ren-Raw Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.

Our paper models and empirically tests the production behavior of firms operating under uncertainty. The study compares firms operating in perfect competition with those producing with product market power. Our model predicts that both types of companies produce less under uncertainty from the cost of risk. In addition, our model predicts that companies with market power have a greater market value, face more product market uncertainty, use less leverage but have similar levels of default risk as firms operating under perfect competition. We empirically test our model by comparing manufacturing firms that operate in close to perfect market competition having little product differentiation and operating in low concentrated industries versus those that have product market power using advertising and/or Ramp;D and operating in highly concentrated industries. The empirical evidence supports our hypotheses.We also model and empirically investigate the effect of the quot;option against valuequot; on the firm's performance that occurs to companies when the real product market changes greatly reduce or even eliminates firms' product markets. Long, Wang and Zhang (2006) originally presented this idea and tested it with the machine tool industry to investigate dynamic downward changes in real product markets and the resulting affect on individual firms' values. We also find that smaller companies, those with less capital market following are more likely to experience a product market shift going out of business. This is even after we controlled the default probability estimates based on Merton's Equity Option Pricing.

Investment Under Uncertainty

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Author : Robert K. Dixit
language : en
Publisher: Princeton University Press
Release Date : 2012-07-14

Investment Under Uncertainty written by Robert K. Dixit and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-14 with Business & Economics categories.

How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Uncertainty And Change

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Author : Ruediger Bachmann
language : en
Publisher:
Release Date : 2021

Uncertainty And Change written by Ruediger Bachmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.

This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the firm has just experienced unusual growth, and more so if the experience was negative. At the quarterly frequency, subjective uncertainty closely tracks conditional volatility of shocks: Both exhibit an asymmetric V-shaped relationship with past growth. In the cross section of firms, however, subjective uncertainty differs from conditional volatility: planning in successful firms--either large or fast-growing--reflects lower subjective uncertainty than in unsuccessful firms even when the size of the shocks is the same.

Uncertainty And Change

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Author : Ruediger Bachmann
language : en
Publisher:
Release Date : 2021

Uncertainty And Change written by Ruediger Bachmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business forecasting categories.

This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the firm has just experienced unusual growth, and more so if the experience was negative. At the quarterly frequency, subjective uncertainty closely tracks conditional volatility of shocks: Both exhibit an asymmetric V-shaped relationship with past growth. In the cross section of firms, however, subjective uncertainty differs from conditional volatility: planning in successful firms -- either large or fast-growing -- reflects lower subjective uncertainty than in unsuccessful firms even when the size of the shocks is the same.

Aggregate Uncertainty And Sectoral Productivity Growth

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Author : Sangyup Choi
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-16

Aggregate Uncertainty And Sectoral Productivity Growth written by Sangyup Choi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-16 with Business & Economics categories.

We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference approach using productivity growth for 25 industries for 18 advanced economies over the period 1985-2010—mitigates concerns with omitted variable bias and reverse causality. The results are robust to the inclusion of other sources of interaction effects, such as financial development (Rajan and Zingales, 1998) and counter-cyclical fiscal policy (Aghion et al., 2014). The results also hold if economic policy uncertainty (Baker et al., 2015) is used instead of stock market volatility as the measure of aggregate uncertainty.

Uncertainty And The Employment Dynamics Of Small And Large Businesses

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Author : Vivek Ghosal
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-14

Uncertainty And The Employment Dynamics Of Small And Large Businesses written by Vivek Ghosal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-14 with Business & Economics categories.

We examine the impact of uncertainty on employment dynamics. Alternative measures of uncertainty are constructed based on the survey of professional forecasters, and regressionbased forecasting models for GDP growth, inflation, S&P500 stock price index, and fuel prices. Our results indicate that greater uncertainty has a negative impact on growth of employment, and the effects are primarily felt by the relatively smaller businesses; the impact on large businesses are generally non-existent or weaker. Our results suggest that to truly understand the effects of uncertainty on employment dynamics, we need to focus on the relatively smaller and entrepreneurial businesses. We discuss implications for the framing of economic policy.

Growth Of Firms Capital Market Uncertainty And Probability Of Replacement

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Author : Gary Craig Fethke
language : en
Publisher:
Release Date : 1976

Growth Of Firms Capital Market Uncertainty And Probability Of Replacement written by Gary Craig Fethke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Capital market categories.

Investment Under Uncertainty

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Author : Robert K. Dixit
language : en
Publisher:
Release Date : 2012

Investment Under Uncertainty written by Robert K. Dixit and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are mad.

Investment Under Uncertainty And Financial Market Development

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Author : Sergio Lehmann
language : en
Publisher:
Release Date : 1997

Investment Under Uncertainty And Financial Market Development written by Sergio Lehmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.