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This paper examines dynamic patterns of investment in Cameroon, Ghana, Kenya, Zambia and Zimbabwe, assessing the consistency of those patterns with different adjustment cost structures. Using survey data on manufactured firms, we document the importance of zero investment episodes and lumpy investment. The proportion of firms experiencing large investment spikes is significant in explaining aggregate manufacturing investment. Taken together, evidence from descriptive statistics, average investment regressions modeling the response to capital imbalance, and transition data analysis indicate that irreversibility is an important factor considered by firms when making investment plans. The picture is not unanimous however, and some explanations for the mixed results are proposed.

Econometrics --- Investments: Stocks --- Labor --- Agribusiness --- Industries: Manufacturing --- Investment --- Capital --- Intangible Capital --- Capacity --- Microeconomic Analyses of Economic Development --- Semiparametric and Nonparametric Methods --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Industry Studies: Manufacturing: General --- Agricultural Markets and Marketing --- Cooperatives --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Discrete Regression and Qualitative Choice Models --- Discrete Regressors --- Proportions --- Investment & securities --- Manufacturing industries --- Agriculture, agribusiness & food production industries --- Labour --- income economics --- Econometrics & economic statistics --- Stocks --- Manufacturing --- Agroindustries --- Logit models --- Financial institutions --- Economic sectors --- Econometric analysis --- Agricultural industries --- Economic theory --- Econometric models --- Zimbabwe

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Income --- Developing countries: economic development problems

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Income distribution --- Regional planning --- Kenya --- Kenya --- Kenya --- Economic conditions --- Economic policy --- Conditions économiques

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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338 <676.1> --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Oeganda. Uganda --- 338 <676.1> Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Oeganda. Uganda --- Uganda --- Economic conditions --- Income