An Alternative Estimation Framework for Firm-Level Capital Investment

Julian A. Fennema
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Julian A. Fennema: CERT, Heriot-Watt University

No 72, Royal Economic Society Annual Conference 2002 from Royal Economic Society

Abstract: This paper derives and implements Tobit estimation frameworks based on the Abel and Eberly (1998) investment model. We find evidence that a model of investment using rates of capacity utilisation is superior to a standard accelerator model. We apply this framework to a cross-section of firms in Poland, Romania and Spain in order to estimate the incidence of financing constraints.

Date: 2002-08-29
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Persistent link: https://EconPapers.repec.org/RePEc:ecj:ac2002:72

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