Shifting Sentiments in Firm Investment: An Application to the Oil Industry

Recent developments in the oil and gas industry suggest that investment behaviour is not necessarilychangeless over time. We propose a micro-econometric procedure to investigate the stability ofinvestment behaviour. Applying system GMM methods on a panel data set for 253 oil and gas companiesover 14 years, we estimate accelerator models of investment with error-correction. Robust econometricevidence indicates a structural break in oil and gas investment in 1998...

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Year of publication:	2008-04-01
Authors:	Mohn, Klaus ; Misund, Bård
Institutions:	Universitetet <Stavanger> / School of Business Administration
Subject:	Kapitalbildung \| Panelanalyse \| panel analysis \| Dynamisches Modell \| Strukturbruch \| structural break

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Extent:	126976 bytes 21 p. application/pdf
Series:	Universitetet i Stavanger - School of Business Administration - Publications UiS Working Papers in Economics and Finance ; 13/2009
Type of publication:	Book / Working Paper
Language:	English
Classification:	C32 - Time-Series Models ; G31 - Capital Budgeting; Investment Policy ; L72 - Mining, Extraction, and Refining: Other Nonrenewable Resources ; Employment of capital, capital investment planning and estimate of investment profitability ; Others ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10009305225