firms to cut investment, employment, and borrowing. We conclude that financial market fluctuations affect even private firms …

We present evidence that an increase in investment as a share of GDP predicts a higher growth rate of output per worker … coefficients. They are robust to model specifications and estimation methods. The evidence that investment has a long-run effect on …

banking development reduces the cash flow sensitivity of fixed investment spending, particularly for small firms, and that it …

. Most firms revise downward their expectations for sales, orders, employment, and investment, while prices are expected to …