against Sharpe-Lintner CAPM and Fama-French three factor models are found mainly during the recent financial crisis. Also we …

This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate …

The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework … of the link between cyclical uncertainty and investment is quantified using simulations of the model. The chief …

model features irreversible investment, no capital markets and fixed and sunk costs to export. Several features of the … distribution of investment rates and export participation patterns observed in firm-level data are closely matched in a calibration …

investment, but positive with decreasing returns to scale, and vice versa. The optimal tax rate on excess returns to risky assets …

problematic than in equity markets due to the lack of a passive investment strategy and the multitude of alternative formulations …

spending – combined with investment theory – to estimate the discount rates used by managers. The standard story predicts that … firms in making their investment decisions.We use a revealed preference approach that relies on the pattern of investment … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …