The taxation of corporate assets is well understood to influence investment and firm valuation. This paper explores the … incentives than those implied by the usual static analysis. Simulation results suggest that investment is sensitive to future tax …

This paper derives closed-form solutions for the investment and market value, under uncertainty, of competitive firms … irreversible investment as well as for reversible investment. Optimal investment is a non-decreasing function of q, the shadow … value of capital. The conditions of optimality imply that q cannot contain a bubble; thus, optimal investment depends only …

unanticipated) changes in the distribution of political power and in economic structure. We focus on the Markov Voting Equilibria …, which require that economic and political changes should take place if there exists a subset of players with the power to … institutions as well as individual types can be ordered, and preferences and the distribution of political power satisfy natural …

Over the past decade, a number of researchers have extended conventional models of business fixed investment to … incorporate a role for financial constraints' in determining investment. This paper reviews developments and challenges in this … challenges. First, I describe analytical underpinnings of models of capital-market imperfections in the investment process, and …

We examine the neoclassical investment model using a panel of U.S. manufacturing firms. The standard model with no … for firms with low (pre-sample) payouts (firms we expect to face financing constraints). Hem, investment is sensitive to … both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on …

and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions …We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch … capital-output ratio, rising rates of investment and employment, and moderate rates of return to capital …

perceived to have "a mainly positive or negative influence in the world." Holding other things constant, a country's exports are …. Succinctly, countries receive a commercial return on their soft power …