DC Field | Value | Language |
---|---|---|
dc.contributor.author | Oh, Hyunseung | ko |
dc.contributor.author | Yoon, Chamna | ko |
dc.date.accessioned | 2020-01-13T07:20:05Z | - |
dc.date.available | 2020-01-13T07:20:05Z | - |
dc.date.created | 2018-11-01 | - |
dc.date.created | 2018-11-01 | - |
dc.date.created | 2018-11-01 | - |
dc.date.issued | 2020-01 | - |
dc.identifier.citation | JOURNAL OF FINANCIAL ECONOMICS, v.135, no.11, pp.255 - 269 | - |
dc.identifier.issn | 0304-405X | - |
dc.identifier.uri | http://hdl.handle.net/10203/271128 | - |
dc.description.abstract | A standard real-options model predicts that time-to-build investment decisions could be delayed by uncertainty over future revenue. This paper examines the first-order importance of this mechanism by looking into the micro-data for residential construction during the recent housing boom and bust. We develop a model of sequential irreversible investment with stochastic bottlenecks and estimate the model parameters based on the distribution of time-to-build and new house prices. In the estimated model, the boom period increase in time-to-build is caused by frequent construction bottlenecks, and the decrease in house prices and the increase in uncertainty during the bust generated further delays in construction. | - |
dc.language | English | - |
dc.publisher | ELSEVIER SCIENCE SA | - |
dc.title | Time to Build and the Real-Options Channel of Residential Investment | - |
dc.type | Article | - |
dc.identifier.wosid | 000504520000012 | - |
dc.identifier.scopusid | 2-s2.0-85068556015 | - |
dc.type.rims | ART | - |
dc.citation.volume | 135 | - |
dc.citation.issue | 11 | - |
dc.citation.beginningpage | 255 | - |
dc.citation.endingpage | 269 | - |
dc.citation.publicationname | JOURNAL OF FINANCIAL ECONOMICS | - |
dc.identifier.doi | 10.2139/ssrn.2644428 | - |
dc.contributor.localauthor | Yoon, Chamna | - |
dc.contributor.nonIdAuthor | Oh, Hyunseung | - |
dc.description.isOpenAccess | N | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | Investment | - |
dc.subject.keywordAuthor | Housing | - |
dc.subject.keywordAuthor | Real options | - |
dc.subject.keywordPlus | UNCERTAINTY | - |
dc.subject.keywordPlus | PRICES | - |
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