The Effect of Policy Uncertainty on Investment Plans: Evidence from the Unexpected Acceptance of a Far-Reaching Referendum in Switzerland

Abberger, Klaus; Dibiasi, Andreas; Siegenthaler, Michael; Sturm, Jan‐Egbert

doi:10.2139/ssrn.2791396

Cited by 3 publications

(1 citation statement)

References 30 publications

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“…They then conclude that focusing on aggregate capital formation may mask important heterogeneities when it comes to understanding the response of investment to an uncertainty shock. Exploiting again survey data on Switzerland, Abberger et al (2018) investigate the role played by the uncertainty affecting firms after that a referendum to invalidate the Swiss-EU agreement on freedom of movement was supported by 50.3% of the population in February 2014. Working with firm-level panel data covering the 2009-2015 plus data on two surveys administered shortly after the vote, the authors examine the effects of the inducted policy uncertainty on investment by Swiss firms.…”

Section: Identifying Uncertainty Shocks Is Difficultmentioning

confidence: 99%

Uncertainty before and during COVID‐19: A survey

Castelnuovo

2022

Journal of Economic Surveys

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This survey features three parts. The first one reviews the most recent literature on the relationship between domestic (i.e., country‐specific) uncertainty and the business cycle, and offers ten main takeaways. The second part surveys contributions to the fast‐growing strand of the literature that focuses on the macroeconomic effects of uncertainty spillovers and global uncertainty. The last part presents contributions on the role played by uncertainty during the COVID‐19 pandemic.

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Section: Identifying Uncertainty Shocks Is Difficultmentioning

confidence: 99%

Uncertainty before and during COVID‐19: A survey

Castelnuovo

2022

Journal of Economic Surveys

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Structural Change in the Investment Function

2021

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Is There Any Impact of the World Uncertainty Spillover Index (WUSI) on Firm Investment? Evidence from Turkey

Tan

2023

Bingöl Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi

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Bu makale, Dünya Belirsizlik Yayılma Endeksi-Amerika Birleşik Devletleri'nin (WUSI-USA) 164 Türk imalat firmasının 2005 ve 2019 yılları arasındaki yatırım politikası üzerindeki etkisini incelemektedir. Bulgulara göre, WUSI-USA'nin firmaların yatırım politikası üzerinde olumsuz bir etkisi vardır. Reel opsiyon teorisine göre firmalar belirsiz koşullar altında yatırımlarını ertelemeyi tercih etmektedirler. Alternatif yatırım ölçümlerinin kullanılması, sonuçlarımızın geçerliliğini doğrulamaktadır. Genel olarak, bu çalışma ABD'den gelen belirsizliğin firmaların yatırım kararlarını etkilediğini ortaya koymaktadır. Türk firmaları finansal kararlarına belirsizlik yayılmalarını dahil etmeli ve stratejilerini belirsizliğin yayıldığı zamanlarda firmaya özgü faktörlere göre ayarlamalıdır. Politika yapıcılar ve firma yöneticileri, yatırım stratejilerini oluştururken ABD'deki belirsizlik yayılma etkilerini dikkate almalıdır.

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The Effect of Policy Uncertainty on Investment Plans: Evidence from the Unexpected Acceptance of a Far-Reaching Referendum in Switzerland

Cited by 3 publications

References 30 publications

Uncertainty before and during COVID‐19: A survey

Uncertainty before and during COVID‐19: A survey

Structural Change in the Investment Function

Is There Any Impact of the World Uncertainty Spillover Index (WUSI) on Firm Investment? Evidence from Turkey

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