The 3 reference contexts in paper Ulf von Kalckreuth (2003) “Exploring the role of uncertainty for corporate investment decisions in Germany” / RePEc:ses:arsjes:2003-ii-3

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    12672
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    In general, uncertainty can act as a deterrent from investment, be neutral or even create new incentives; see DIXIT and PINDYCK (1994, Chs. 6 and 11), DARBY, HUGHES-HALLET, IRELAND and PISCI
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    TELLI (1999),
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    or BÖHM, FUNKE and SIEGFRIED (2001). Empirically, it is not easy to test an isolated hypothesis on the effect of uncertainty on investment expenditure. In general, for a given firm or sector, several mechanisms will be at work simultaneously.
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    Using aggregate data and time series methodology, MAILAND (1998) and WERNER (2001) find negative effects of uncertainty on investment in Germany. 8. This discussion draws on
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    DEUTSCHE BUNDESBANK (1998),
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    FRIDERICHS and SAUVÉ (1999), and STÖSS (2001), which contain more detailed descriptions of the UBS data. With respect to investment demand, the UBS has been utilized by HARHOFF and RAMB (2001) in a user cost study, by VON KALCKREUTH (2001) in a study on the monetary transmission process, by CHIRINKO and VON KALCKREUTH (2002) on financial constraints, by B
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    A second approach is to rely on high-frequency financial market data and to use volatilities, either of commodity prices or exchange rates, or else of stock prices. The first line of research, exemplified in the paper of DARBY, HUGHES-HALLET, IRELAND, and PISCI
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    TELLi (1999),
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    directly quantifies the degree of uncertainty with respect to some crucial economic variables; however, it cannot differentiate between firms. The use of stockmarket data, as in BLOOM, BOND and VAN REENEN (2001), or BÖHM, FUNKE and SIEGFRIED (2001), assumes a strong form of market efficiency and implicitly equates firms' information on future profits to the
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