This paper estimates a dynamic empirical model for Japan’s business fixed investment. A multivariate cointegration analysis of Japan’s time series data over the past two decades shows that the term spread (the difference between long-term and short-term interest rates) and various diffusion indices in the Bank of Japan’s business survey tend to synchronise with fixed investment. The term spread...

This paper presents a model for optimisation of investments in new power generation within restructured power markets. We use stochastic dynamic programming to identify an optimal investment strategy when the objective is to maximize the expected profit over a long time horizon. This formulation of the investment problem takes into account the value of postponing the investment decision to wait...

In this paper we propose and estimate a dynamic structural model of ...xed capital investment at the ...rm level. Our dataset consists on an unbalanced panel of Spanish manufacturing ...rms. Two important features are present in this dataset. There are periods in which ...rms decide not to invest and periods of large investment episodes. These empirical evidence of infrequent and lumpy investme...

In the Value Added Tax (VAT) system some goods and services, such as banking services, are exempted from taxes. Based on theoretical foundations, exempt treatment leads to several distortions and inefficiencies in the economy. In order to understand the importance of exemption on macroeconomic fluctuations as well as the fundamental role of financial intermediaries in economy shocks, this study...

This paper studies the e ects of vertical integration on innovation in the chipset and smartphone industries. I formulate and estimate a dynamic structural model of a dominant upstream chipset maker and downstream smartphone handset makers. The two sides make dynamic investment decisions and negotiate chipset prices via Nash bargaining. Using the estimates, I simulate market outcomes should the...

The Intelligent Model for Stock Investment with Buffett Strategy, Classifier System, Neural Network and Linear Programming” was studied for developing an intelligent model which can learn more knowledge regarding to stock investment with artificial intelligence technology. Classifier system, neural network, fundamental financial investment factors and linear programming are the fundamental comp...

Using a firm-level panel data set I assess whether dynamic models of investment provide an empirically fruitful framework for analyzing tax effects on changes in capital stock. In particular I estimate a one-step error correction model (ECM) complementing the usual estimation of a distributed lag model. A correction term accounts for non-random sample attrition, which has not been considered in...

This paper studies the effects of vertical integration on innovation in the chipset and smartphone industries. I formulate and estimate a dynamic structural model of the upstream chipset maker Qualcomm and downstream smartphone handset makers. The two sides make dynamic investment decisions and negotiate chipset prices via Nash bargaining. Using the estimates, I simulate market outcomes should ...

making capital and investment is the main driving forces of economic development. based on the investment sensitivity to the changes of some of macro-economic variables and risk and uncertainty, the present study evaluated the effective factors on investment in private sector in iran during 1980-2007. at first, the uncertainty variables of real informal exchange rate, nominal interest rate and ...