On the Investment Sensitivity of Debt under Uncertainty

We investigate the impact of debt on a panel of U.S. manufacturing firms' capital investment behavior as the underlying firm-specific and macroeconomic uncertainty changes. Our estimates show that the influence of leverage on capital investment may be stimulating or mitigating depending on the effects of uncertainty.

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Year of publication:	2008-06-21
Authors:	Baum, Christopher ; Caglayan, Mustafa ; Talavera, Oleksandr
Institutions:	Department of Economics, Boston College
Subject:	capital investment \| leverage \| uncertainty

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Extent:	application/pdf
Series:	Boston College Working Papers in Economics.
Type of publication:	Book / Working Paper
Notes:	published, Economics Letters, 2010, 106:25-27 The text is part of a series Boston College Working Papers in Economics Number 686 14 pages
Classification:	E22 - Capital; Investment (including Inventories); Capacity ; G31 - Capital Budgeting; Investment Policy ; D81 - Criteria for Decision-Making under Risk and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004981537