We develop a dynamic model of firm investment under uncertainty that captures firms' risk attitude using quantile … preferences. The firm maximizes its present value, defined as current profits and investment plus the discounted value of the τ … implies that the firm's investment policy equates the marginal cost of capital with the τ-quantile of the discounted present …

This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless … cutting investment. Investment depends on asset pricing variables such as investors' liquidity shocks; disclosure depends (non … optimal to induce investment, the manager may be unable to commit to it. If hard information turns out to be good, he will …

We present several empirical facts about trends in marketing investment in the US. We also present estimates of the …

quarters of the variation in real annual aggregate investment growth between 1948 and 1993. The negative correlation of … contemporaneous investment and stock returns is explained by the negative correlation of planned investment and subsequent stock … returns. Unexpected revisions to aggregate investment (actual minus plan) within a year are essentially unrelated to current …

will have no impact on corporate investment decisions. This paper develops econometric tests which distinguish between … these two views of dividend taxation. By extending Tobin's "q" theory of investment to incorporate taxes at both the … corporate and personal levels, the implications of each view for corporate investment decisions can be derived. The competing …

valuation and investment plans of individual firms. The methods are applied to estimate the effects of alternative corporate tax … reforms on the 30 Dow Jones companies. The estimates are all based on extensions of Tobin's "q Theory of Investment" to take … results here provide strong microeconometric support for the q theory of investment. The q theory approach provides a superior …

This paper overviews the issues connected with proposals to spur investment using tax incentives. There are four main … investment incentives approach $100 billion. (3) Measures to spur investment are likely to have substantial effects. The lags are … possible to spur investment with only a small revenue cost. It is crucial to take account of the effect of anticipated policy …

, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …

-preserving investment …