Investment and exit decisions at the plant level

Inhaltsverzeichnis1 Introduction.2 Theory and empirics of investment: a selective review of the literature.2.1 Theories of firm investment and their empirical performance.2.2 Firm investment under financial constraints.2.3 Non-standard constraints and firm behavior: a research program.3 A dynamic programming framework for the analysis of firm decisions.3.1 An introduction to Markov decision processes.3.2 Strategies for the econometric analysis of dynamic decision processes.3.3 An application: firms’ joint investment and exit decisions.3. A Appendix: mathematical results.4 Plant-level investment and exit decisions and firm-level financial status.4.1 Introduction and overview.4.2 Alternative measures of a firm’s financial status.4.3 The empirical model of firm behavior under financial constraints.4.4 Description of the plant-level dataset.4.5 A reduced-form model of plant growth and exit.4.6 Empirical results for the structural model of investment and exit.4.7 Summary and discussion.4. A Data appendix.5 Concluding remarks.List of figures.List of tables.