Abstract U.S. firms have reduced their investment in scientific research ("R") compared to product development ("D …"), raising questions about the returns to each type of investment, and about the reasons for this shift. We use Census data that … cost. Companies with greater demand for refinancing during the 2008 financial crisis made larger cuts to R&D investment …

to CNC increased capital investment and experienced higher labor productivity. Total employment rose, with gains for …

revenues and costs in relation to the financial assets they have available. Standard budgeting procedures that focus on one or … two years at a time and use generally accepted accounting principles (GAAP) do not do this. We present an alternative …

This paper proposes a simple homogeneous dynamic model of investment and corporate risk management for a financially … investment and financing decisions. In our model, corporate risk management involves internal liquidity management, financial … constrained firm. Following Froot, Scharfstein, and Stein (1993), we define a corporation's risk management as the coordination of …

This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if … available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide …-ranging implications for the design of risk management strategies. We delineate how these strategies should depend on such factors as …

. The stochastic financing conditions have rich implications for investment and risk management: (1) investment can be …Firms face uncertain financing conditions and are exposed to the risk of a sudden rise in financing costs during … financial crises. We develop a tractable model of dynamic corporate financial management (cash accumulation, investment, equity …

returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … the firm's exposure to IST shocks and risk premia. Our calibrated model replicates: i) the predictability of returns by …

changes in modelling strategy and econometric methodology, over the past twenty years, on estimation of firm-level investment … equations using panel data. Secondly, we try to assess whether the differences in the estimated investment equations, as between … correction, traditional between- and within-firm estimation versus GMM estimation, the investment behavior of French firms versus …

investment decisions in constructed laboratory markets. Our results show that the behaviors of the traders are consistent with …