概要
日時：2023年10月27日(金) 15:00-16:30
場所：3号館2階 221室
講演者：Jeon Haejun氏(東京理科大学, The University of Queensland)
タイトル：Time-to-Build, Regulation, and Investment
【abstract】
This study investigates the effects of uncertainty in time-to-build and regulation, which hinders immediate revenue generation after investment, on a firm’s optimal investment decision. We show that in the absence of regulation, uncertainty in time-to-build always accelerates investment and enhances firm value. We also show that in the absence of time-to-build, uncertainty in regulation can mitigate the distortion of investment induced by regulation. Furthermore, in the presence of both time-to-build and regulation, there can exist harmless regulation that does not induce any distortion in the investment decision and does not harm firm value. Lastly, in the presence of both time-to-build and regulation, not only uncertainty in time-to-build but also its presence can accelerate investment.