to influence the investment financing relation for two reasons.First, due to asymmetric information, the link between …This paper investigates whether investment spending of firms is sensitive to the availability of internal funds ….Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not …

feature for the firm's investment policies are investigated in an optimal control problem with distributed parameters.It turns … out that investing in capital goods of di¤erent age is done such that the net present value of marginal investment equals … zero.Comparing the returns of investment in capital goods of different age, the higher productivity of younger capital …

This paper considers the impact of investment cost asymmetry on the value and optimal real option exercise strategies … the level of asymmetry, a marginal increase in the investment cost of the firm with the cost disadvantage can increase … socially less desirable outcome than if one of the competitors has a significant investment cost disadvantage.Finally, we prove …

This paper considers the problem of investment timing under uncertainty in a duopoly framework.When both firms want to …