投资(军事)
生产力
事前
经济
资本预算
首都(建筑)
投资决策
微观经济学
资本投资
骨料(复合)
业务
货币经济学
财务
生产(经济)
宏观经济学
历史
材料科学
考古
政治
项目评估
政治学
法学
复合材料
作者
Ben Charoenwong,Yoshihito Kimura,Alan Kwan,Tan E
标识
DOI:10.1016/j.jfineco.2024.103779
摘要
In canonical models of investment dynamics under uncertainty, “time-to-build” in investment decisions implies that uncertainty negatively impacts firm values and aggregate capital productivity. However, capital budgeting, which involves ex-ante information acquisition and state-contingent investment decisions, can potentially ameliorate time-to-build frictions. Reduced-form evidence using firm-level data on sales and investment expectations and errors supports both mechanisms. Incorporating capital budgeting into a standard investment model, our calibrated model reveals that state-contingent investment planning and information acquisition reduce aggregate productivity losses by 41% and 17%, respectively. Moreover, gains from planning accrue primarily to less productive firms, while information acquisition benefits higher productivity ones.
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