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dc.contributor.advisorRatti, Ronald A.en
dc.contributor.authorYang, Byung Nae, 1969-en_US
dc.date.issued2007eng
dc.date.submitted2007 Springen
dc.descriptionThe entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file.en_US
dc.descriptionTitle from title screen of research.pdf file (viewed on October 15, 2007)en_US
dc.descriptionVita.en_US
dc.descriptionIncludes bibliographical references.en_US
dc.descriptionThesis (Ph. D.) University of Missouri-Columbia 2007.en_US
dc.descriptionDissertations, Academic -- University of Missouri--Columbia -- Economics.en_US
dc.description.abstractThis dissertation investigates how the role of cash flow changes with the uncertainty coming from oil price fluctuations, using the annual data obtained from COMPUSTAT global during the period of 1991 to 2004. I construct three measures of oil price volatility and one measure of relative oil price change. The main empirical findings are that the role of cash flow diminishes with higher oil price volatility for both manufacturing and service industries. Cash flow sensitivity declines more with volatility in more energy intensive industries. Firm investments in energy intensive manufacturing are hurt the most by oil price volatility, and firms in the service industry are hurt less than firms in manufacturing. When relative oil prices are used for the measure of oil price changes, most APEC countries except the U.S. show the role of cash flow increasing during times of higher oil prices. Oil price volatility affects firm investments in the U.S. and Canadian manufacturing negatively and significantly. Manufacturing firms in low income countries and manufacturing-growing countries are less hurt by oil price volatility when they have more cash flow. In the analysis of the effect of tangible assets on firm-level investment, I find that the role of cash flow declines or does little in importance with tangible assets in manufacturing and service industries. The last finding is that sales show very little impact on firm-level investment in the service industry unlike in manufacturing.en_US
dc.identifier.merlin.b60523827en_US
dc.identifier.oclc174146019en_US
dc.identifier.otherYangB-050407-D6580en_US
dc.identifier.urihttp://hdl.handle.net/10355/4686
dc.publisherUniversity of Missouri--Columbiaen_US
dc.relation.ispartof2007 Freely available dissertations (MU)en_US
dc.relation.ispartofcommunityUniversity of Missouri-Columbia. Graduate School. Theses and Dissertations. Dissertations. 2007 Dissertations
dc.subject.lcshAsia Pacific Economic Cooperation (Organization)en_US
dc.subject.lcshCash flowen_US
dc.subject.lcshPetroleum products -- Pricesen_US
dc.titleUncertainty and tangible assets in firm investment: inter-industry evidence from APEC countriesen_US
dc.typeThesisen_US
thesis.degree.disciplineEconomicsen_US
thesis.degree.grantorUniversity of Missouri--Columbiaen_US
thesis.degree.levelDoctoralen_US
thesis.degree.namePh. D.en_US


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