Irreversible investment, capital costs and productivity growth: implications for telecommunications
This paper develops a model incorporating costly disinvestment and estimates the associated commitment premium required to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital by 70 percent. This implies an average annual hurdle rate...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13269 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper develops a model incorporating costly disinvestment and estimates the associated commitment premium required to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital by 70 percent. This implies an average annual hurdle rate of return of 14 percent over the period 1986-2002. Irreversibility creates a distinction between observed and adjusted TFP growth. Observed growth, which omits the premium, annually averaged 2.8 percent from 1986 to 2002. This rate exceeded the (premium) adjusted TFP growth by 0.7 percentage points, and therefore average annual observed productivity growth overestimated the corrected rate by 33 percent. |
| Beschreibung: | Literaturverz. S. 18 - 19 |
| Beschreibung: | 21 S. 22 cm |
Internformat
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13269 | |
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| 520 | 8 | |a This paper develops a model incorporating costly disinvestment and estimates the associated commitment premium required to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital by 70 percent. This implies an average annual hurdle rate of return of 14 percent over the period 1986-2002. Irreversibility creates a distinction between observed and adjusted TFP growth. Observed growth, which omits the premium, annually averaged 2.8 percent from 1986 to 2002. This rate exceeded the (premium) adjusted TFP growth by 0.7 percentage points, and therefore average annual observed productivity growth overestimated the corrected rate by 33 percent. | |
| 700 | 1 | |a Mamuneas, Theofanis P. |e Verfasser |0 (DE-588)133542467 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 13269 |w (DE-604)BV002801238 |9 13269 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w13269.pdf |z kostenfrei |3 Volltext |
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Datensatz im Suchindex
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
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| physical | 21 S. 22 cm |
| publishDate | 2007 |
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| spelling | Bernstein, Jeffrey Ian 1950- Verfasser (DE-588)131905724 aut Irreversible investment, capital costs and productivity growth implications for telecommunications Jeffrey I. Bernstein ; Theofanis P. Mamuneas Cambridge, Mass. National Bureau of Economic Research 2007 21 S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13269 Literaturverz. S. 18 - 19 This paper develops a model incorporating costly disinvestment and estimates the associated commitment premium required to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital by 70 percent. This implies an average annual hurdle rate of return of 14 percent over the period 1986-2002. Irreversibility creates a distinction between observed and adjusted TFP growth. Observed growth, which omits the premium, annually averaged 2.8 percent from 1986 to 2002. This rate exceeded the (premium) adjusted TFP growth by 0.7 percentage points, and therefore average annual observed productivity growth overestimated the corrected rate by 33 percent. Mamuneas, Theofanis P. Verfasser (DE-588)133542467 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13269 (DE-604)BV002801238 13269 http://papers.nber.org/papers/w13269.pdf kostenfrei Volltext |
| spellingShingle | Bernstein, Jeffrey Ian 1950- Mamuneas, Theofanis P. Irreversible investment, capital costs and productivity growth implications for telecommunications |
| title | Irreversible investment, capital costs and productivity growth implications for telecommunications |
| title_auth | Irreversible investment, capital costs and productivity growth implications for telecommunications |
| title_exact_search | Irreversible investment, capital costs and productivity growth implications for telecommunications |
| title_exact_search_txtP | Irreversible investment, capital costs and productivity growth implications for telecommunications |
| title_full | Irreversible investment, capital costs and productivity growth implications for telecommunications Jeffrey I. Bernstein ; Theofanis P. Mamuneas |
| title_fullStr | Irreversible investment, capital costs and productivity growth implications for telecommunications Jeffrey I. Bernstein ; Theofanis P. Mamuneas |
| title_full_unstemmed | Irreversible investment, capital costs and productivity growth implications for telecommunications Jeffrey I. Bernstein ; Theofanis P. Mamuneas |
| title_short | Irreversible investment, capital costs and productivity growth |
| title_sort | irreversible investment capital costs and productivity growth implications for telecommunications |
| title_sub | implications for telecommunications |
| url | http://papers.nber.org/papers/w13269.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT bernsteinjeffreyian irreversibleinvestmentcapitalcostsandproductivitygrowthimplicationsfortelecommunications AT mamuneastheofanisp irreversibleinvestmentcapitalcostsandproductivitygrowthimplicationsfortelecommunications |