Financial Constraints and Farm Investment: A Bayesian Examination
This study contributes to the q-based empirical investment literature by using a Bayesian approach to analyze the impact of internal financial variables on a q-based investment model, accounting specifically for variable selection and incorporating outliers explicitly within the advocated modeling f...
| Veröffentlicht in: | Journal of Business & Economic Statistics. - American Statistical Association, 1983. - 22(2004), 1, Seite 51-63 |
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| Format: | Online-Aufsatz |
| Sprache: | English |
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2004
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| Zugriff auf das übergeordnete Werk: | Journal of Business & Economic Statistics |
| Schlagworte: | Liquidity Outlier q investment theory Variable selection Economics Mathematics Business Applied sciences |
| Zusammenfassung: | This study contributes to the q-based empirical investment literature by using a Bayesian approach to analyze the impact of internal financial variables on a q-based investment model, accounting specifically for variable selection and incorporating outliers explicitly within the advocated modeling framework. For the balanced panel analyzed, a farm's liquidity situation is found to affect its investment significantly. Incorporation of an outlier detection component changes the results drastically, in both the variables chosen and the parameter estimates. The results and the nature of most investment data suggest that not accounting for outliers may lead to inaccurate inference. |
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| ISSN: | 07350015 |