Allocation effects of uncertainty on resources in Japan |
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Authors: | Mustafa Caglayan Bing Xu |
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Institution: | School of Management and Languages, Heriot–Watt University, UK |
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Abstract: | This paper provides evidence of a negative association between macroeconomic uncertainty and the cross sectional dispersion of investment rate for a panel of Japanese manufacturing firms. We show that an increase in uncertainty leads to the narrowing of the cross section dispersion of investment rate and vice versa. This finding suggests that firms’ fixed capital investment behavior becomes more homogeneous in times of increased uncertainty. |
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Keywords: | C21 D81 E22 |
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