Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development
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We examine the extent to which uncertainty delays investment and the effect of competition on this relationship using a sample of 1,214 condominium developments in Vancouver, Canada built from 1979-1998. We find that increases in both idiosyncratic and systematic risk lead developers to delay new
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美国国家经济研究局创建时间：
2006-08-01
