TY  - BOOK
AU  - Fisch,Jan Hendrik
TI  - Internalization and internationalization under competing real options
T2  - Discussion paper. Series 1: economic studies
SN  - 3865581536
U1  - 332.673 21
PY  - 2006///
CY  - Frankfurt am Main
PB  - Deutsche Bundesbank
KW  - INVERSIONES EXTRANJERAS
KW  - INVERSIONES DIRECTAS
KW  - MODELOS ECONOMETRICOS
KW  - PAISES DE LA OCDE
KW  - ALEMANIA
N1  - Bibliografía: p. 20-25
N2  - The theories of internalization and internationalization provide general factors of international market entry but are not precise about its timing. The theory of real options may complement these approaches as it centers the impact of uncertainty on the timing and dimensioning of investment. A panel study of 5379 German entries to 22 countries suggests that, under the moderating influence of competition, the economic uncertainty in a host country has a U-shaped influence on the moment of entry. The results further reveal that uncertainty has a negative effect on the amount of capital at entry. Uncertainty shows no impact on the share in capital at entry, which challenges the view of international joint ventures as real options
UR  - http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2006/2006_05_23_dkp_15.pdf?__blob=publicationFile
ER  -