Recursive utility and optimal capital accumulation. I. Existence

1989 ◽  
Vol 47 (1) ◽  
pp. 76-100 ◽  
Author(s):  
Robert A Becker ◽  
John H Boyd ◽  
Bom Yong Sung
Keyword(s):  
Capital Accumulation ◽  
Recursive Utility ◽  
Optimal Capital

scholarly journals Optimal Capital Accumulation and Corporate Investment Behavior

1968 ◽  
Vol 76 (6) ◽  
pp. 1123-1151 ◽  
Author(s):  
Dale W. Jorgenson ◽  
Calvin D. Siebert
Keyword(s):  
Capital Accumulation ◽  
Corporate Investment ◽  
Investment Behavior ◽  
Optimal Capital

Financial Constraints in Investment. Panel Data Results From Estonia, 1995-1999

2004 ◽  
Vol 54 (4) ◽  
pp. 425-449 ◽  
Author(s):  
Tomasz Mickiewicz ◽  
Kate Bishop ◽  
Urmas Varblane
Keyword(s):  
Panel Data ◽  
Capital Accumulation ◽  
Adjustment Costs ◽  
Manufacturing Firms ◽  
Gmm Estimator ◽  
Main Research ◽  
Research Findings ◽  
Optimal Capital ◽  
Domestic Companies ◽  
Investment Behaviour

To investigate investment behaviour the present study applies panel data techniques, in particular the Arellano-Bond (1991) GMM estimator, based on data on Estonian manufacturing firms from the period 1995-1999. We employ the model of optimal capital accumulation in the presence of convex adjustment costs. The main research findings are that domestic companies seem to be financially more constrained than those where foreign investors are present, and also, smaller firms are more constrained than their larger counterparts.

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