returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average … levered investment returns to average observed stock returns, the model captures the average stock returns of portfolios … sorted by earnings surprises, book-to-market equity, and capital investment. When we try to match expected returns and return …

In this paper we use balance-sheet data and information on bankruptcy to study the relationship between investment … and significant impact on the investment rate. By taking a closer look at individual subsamples we reveal that the …

In this paper we use balance-sheet data and information on bankruptcy to study the relationship between investment …–2011, which also allows us to study the impact of the 2008 crisis on Czech companies. Using investment–cash flow sensitivity to … significant impact on the investment rate. By taking a closer look at individual subsamples we reveal that the existence of …

In this paper we use balance-sheet data and information on bankruptcy to study the relationship between investment …-2011, which also allows us to study the impact of the 2008 crisis on Czech companies. Using investment-cash flow sensitivity to … significant impact on the investment rate. By taking a closer look at individual subsamples we reveal that the existence of …

simultaneously TFP, Total Factor Productivity, identified as efficiency, and the parameters of a model where investment depends upon … internal funds, wages, and sales, as in Prasnikar J. and Svejnar J. (2000). It shows that while real investment is higher in … foreign firms, the improvement in efficiency due to investment is significantly higher in Hungarian domestic firms. We test …

Strategic restructuring of firms through investment is key to a transition from plan to market. Using data on … rationed. Given the large volume of non-performing bank loans to firms and the high rate of investment of large state owned and …

In this paper, we examine net investment during the early stages of transition using micro data on the population of … models of investment and test if investment behavior varies across categories of ownership and with the legal status of firms …. Ouranalysis of depreciation leads us to the conclusion that replacement investment displays a similar pattern in many ownership …

the negative effect of the user cost of capital on firms' investment ratio. Changes in user cost are significantly … lagged cash stock to capital ratio influence the investment behaviour according to the broad credit channel theory. It is …