An Analysis of Firms’ Expectations about Activity and Employment

Nicoletta Pashourtidou () and Andreas Tsiaklis ()
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Nicoletta Pashourtidou: Economics Research Centre, University of Cyprus
Andreas Tsiaklis: Economics Research Centre, University of Cyprus

Cyprus Economic Policy Review, 2011, vol. 5, issue 1, 71-85

Abstract: This paper uses individual firm data from the Cyprus Business Surveys for the period May 2009 - April 2011 to assess the extent to which expectations about activity and employment stated in a given month agree with realisations reported by the same firms in subsequent Surveys. The results show that the probability of a firm stating expectations that are consistent with future realisations varies systematically with firm-specific characteristics such as size, district and subsector of operation. The heterogeneity in this probability can be viewed as a description of the shocks experienced ex post by different types of firms

Keywords: business surveys; expectations; firm-level data; probit model (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:erc:cypepr:v:5:y:2011:i:1:p:71-85

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