caa a22 4500 467909903 CHVBK 20180406152846.0 cr unu---uuuuu 170328e20060901xx s 000 0 eng 10.1007/s10645-006-9015-0 doi (NATIONALLICENCE)springer-10.1007/s10645-006-9015-0 The Timing of Investment Episodes in the Netherlands [Elektronische Daten] [Julian Fennema, Wilko Letterie, Gerard Pfann] Summary: We investigate the timing of large investment episodes at the micro level. On examination of a large sample of Dutch firms we find considerable lumpiness in the accumulation of fixed capital. We therefore define investment spikes and estimate the probability of these spikes, conditional on time since the last spike. We also control for unobserved heterogeneity. Our first result is that the probability of a spike is very high the year following an investment spike. We also find some evidence the hazard rate does increase as time since the previous spike passes by. Therefore, our results indicate the presence of convex adjustment costs or time to build lags. In addition, a tentative conclusion is that fixed adjustment costs are relevant. Springer, 2006 lumpy investments nationallicence duration models nationallicence Fennema Julian Department of Accountancy and Finance, Heriot-Watt University, EH14 4AS, Edinburgh, United Kingdom aut Letterie Wilko BIRC, Department of Organization and Strategy, Faculty of Economics and Business Administration, Maastricht University, P.O. Box 616, 6200, Maastricht, MD, The Netherlands aut Pfann Gerard BIRC, Department of Organization and Strategy, Department of Quantitative Economics, Faculty of Economics and Business Administration, Maastricht University, P.O. Box 616, 6200, Maastricht, MD, The Netherlands aut De Economist Kluwer Academic Publishers-Plenum Publishers; http://www.springer-ny.com 154/3(2006-09-01), 373-388 0013-063X 154:3<373 2006 154 10645 https://doi.org/10.1007/s10645-006-9015-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10645-006-9015-0 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Fennema Julian Department of Accountancy and Finance, Heriot-Watt University, EH14 4AS, Edinburgh, United Kingdom aut NATIONALLICENCE 700 1- Letterie Wilko BIRC, Department of Organization and Strategy, Faculty of Economics and Business Administration, Maastricht University, P.O. Box 616, 6200, Maastricht, MD, The Netherlands aut NATIONALLICENCE 700 1- Pfann Gerard BIRC, Department of Organization and Strategy, Department of Quantitative Economics, Faculty of Economics and Business Administration, Maastricht University, P.O. Box 616, 6200, Maastricht, MD, The Netherlands aut NATIONALLICENCE 773 0- De Economist Kluwer Academic Publishers-Plenum Publishers; http://www.springer-ny.com 154/3(2006-09-01), 373-388 0013-063X 154:3<373 2006 154 10645 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer