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https://hdl.handle.net/1822/65729
Registo completo
Campo DC | Valor | Idioma |
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dc.contributor.author | Adkins, Roger | por |
dc.contributor.author | Paxson, Dean | por |
dc.contributor.author | Pereira, Paulo J. | por |
dc.contributor.author | Rodrigues, Artur | por |
dc.date.accessioned | 2020-06-23T09:46:51Z | - |
dc.date.available | 2021-06-01T06:00:23Z | - |
dc.date.issued | 2019-06-01 | - |
dc.date.submitted | 2018-09 | - |
dc.identifier.citation | Adkins, R., Paxson, D., Pereira, P. J., & Rodrigues, A. (2019). Investment decisions with finite-lived collars. Journal of Economic Dynamics and Control, 103, 185-204 | por |
dc.identifier.issn | 0165-1889 | por |
dc.identifier.uri | https://hdl.handle.net/1822/65729 | - |
dc.description.abstract | The duration of most collar arrangements provided by governments to encourage early investment in infrastructure, renewable energy facilities, or other projects with social objectives are finite, not perpetual. We extend the previous literature on collar-style arrangements by providing an analytical solution for the idle and active values, as well as the investment triggers, for projects where collars are either finite-lived or retractable. What is the difference between these types of arrangements with their perpetual counterpart? Lots, including different vega signs, and substantially different values for different current price levels. Often, finite and retractable collars justify earlier investment timing than perpetual collars. In general, we demonstrate that the finite-lived and retractable versions have a significant impact on optimal behavior, relative to the perpetual case. An important consideration when negotiating the floors, ceilings, and duration (or signalling the expected duration) of a finite or a retractable collar is the current price level of the output and its expected volatility over the life of the contract. (C) 2019 Elsevier B.V. All rights reserved. | por |
dc.description.sponsorship | We thank the anonymous referees, Luiz Brandao, Glaucia Fernandes, other participants at the ROC 2018 and Stein-Erik Fleten (the discussant) for helpful comments on previous versions. This work was carried out within the funding with COMPETE reference n. POCI-01-0145-FEDER-006683 (Artur Rodrigues) and POCI-01-0145-FEDER-006890 (Paulo J. Pereira), FCT/MEC's (Fundacao para a Ciencia e a Tecnologia, I.P.) financial support through national funding and by ERDF through the Operational Programme on Competitiveness and Internationalization - COMPETE 2020 under the PT2020 Partnership Agreement. | por |
dc.language.iso | eng | por |
dc.publisher | Elsevier Science BV | por |
dc.rights | openAccess | por |
dc.subject | Finite collars | por |
dc.subject | Perpetual collars | por |
dc.subject | Retractable collars | por |
dc.subject | Investment opportunities | por |
dc.title | Investment decisions with finite-lived collars | por |
dc.type | article | - |
dc.peerreviewed | yes | por |
dc.relation.publisherversion | https://www.sciencedirect.com/science/article/pii/S0165188918302999 | por |
oaire.citationStartPage | 185 | por |
oaire.citationEndPage | 204 | por |
oaire.citationVolume | 103 | por |
dc.date.updated | 2020-06-23T09:02:22Z | - |
dc.identifier.eissn | 1879-1743 | por |
dc.identifier.doi | 10.1016/j.jedc.2019.04.008 | por |
dc.subject.fos | Ciências Sociais::Economia e Gestão | por |
dc.subject.wos | Social Sciences | - |
sdum.export.identifier | 5599 | - |
sdum.journal | Journal of Economic Dynamics and Control | por |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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Finite_Collar.pdf | 1,48 MB | Adobe PDF | Ver/Abrir |