Learn More
We examine the investment-uncertainty relationship for a panel of Dutch manufacturing firms. The system generalised method of moments (GMM) estimates suggests that the effect of uncertainty on investment is non-linear: for low levels of uncertainty an increase in uncertainty has a positive effect on investment, whereas for high levels of uncertainty an(More)
and Tilburg (CentER). We thank Dag Michalsen for providing data on bank loan losses and we have benefited from the research assistance of Qinglei Dai. Abstract This paper examines how bank relationships affect firm performance. An empirical implication of recent theoretical models is that firms maintaining multiple bank relationships are less profitable(More)
Using data from a survey of 1097 small and medium-sized non-listed Dutch firms we investigate the relation between growth of the firm and uncertainty. We focus on the impact of sales uncertainty on various types of investment. We find that sales uncertainty, measured by the conditional variance, has a mixed impact on various investment decisions. We include(More)
This paper analyzes the joint impact of the interest rate volatility and debt on firm investment. We derive an investment model taking account of the risk attitude of the owners of the firm. Using a panel of Dutch listed firms in the period of 1984 – 1995, we find that the cross-effect of the interest rate volatility and debt on investment is positive. This(More)
This paper analyzes equilibrium rationing on credit markets in the case of gains from waiting to acquire information about the future profitability of investment. We compare the competitive outcome with the socially optimal level of investment. We show that the opportunity to postpone investment changes the nature of the inefficiencies of the competitive(More)
This paper presents a refined interpretation of the role of real time data in estimating a Taylor rule. We use monthly Consensus survey data to construct inflationary and growth expectations. We argue that using real time expectations in estimating a Taylor rule is to be preferred above using real time output gap data alone. We approach uncertainty by the(More)
  • Jan Jacobs, Roelof Salomons, +4 authors Simon Kuipers
  • 1997
and Lonneke Versluijs for background information on MeesPierson real estate index numbers and Datastream series, respectively. Henk Kranendonk kindly provided us with figures on the CPB Netherlands Bureau for Economic Policy Analysis leading indicators; Jan Marc Berk and Focco Vijselaar put figures on the Netherlands' central bank business cycle indicator(More)
and the workshop on Banking at University of Groningen. We are grateful to Jan P.A.M. Jacobs and the participants of the seminar and workshop for helpful comments and suggestions. errors are the sole responsibility of the authors. Abstract Based on a matched sample of Japanese small firms and main banks, we investigate bank-firm relationships in the early(More)