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Irreversibility, Uncertainty and Housing Investment

✍ Scribed by William Miles


Publisher
Springer US
Year
2007
Tongue
English
Weight
155 KB
Volume
38
Category
Article
ISSN
0895-5638

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Research ΓΏnds that ΓΏrms' investment and dividend policies are distorted by irreversibility and ΓΏnance constraints. Existing work considers the impact of each such friction in isolation. Using a real options framework, I explain how the investment and payout decisions interact over time when irrevers