We find no evidence that activist interventions, including the investment-limiting and adversarial interventions that …

remain so for many years. The efficiency of its financial system in allocating capital to investment will be important to … last two decades is highly correlated with that of corporate investment efficiency. China's stock market appears to be … access it. Yet this high alpha amounts to an inflated cost of equity capital, constraining the investment of China's smaller …

We develop a model of investment with financial constraints and use it to investigate the relation between investment … between q and investment, relative to the frictionless benchmark. We present a calibrated version of the model, which, due to … this effect, generates realistic correlations between investment, q, and cash flow …

There is usually considerable uncertainty about the amount of investment that will accompany any level of protection …

and study the effect of imperfect corporate control on asset prices and investment. We assume that firms are run by empire … aggregate free cash flow of the corporate sector is an important state variable in explaining asset prices and investment. We …-of-the-money put options. We show that the financial friction causes shocks to affect investment, and causes otherwise i.i.d. shocks to …

institutions and compensation packages that will generally lead workers to favor efficient firm decisions. Workers care about their … that are highly levered, and when the investment community has diverse views on the benefit from changing a firm's current …