choices and the valuation of fees and investors' payoffs. Increasing the investment allocation to the alpha …

- affects investment as the theory suggests, but the size of the effect is moderate, and is greatest for developing countries …A recent literature suggests that because investment expenditures are irreversible and can be delayed, they may be … highly sensitive to uncertainty. We briefly summarize the theory, stressing its empirical implications. We then use cross …

This study uncovers a statistically significant negative correlation between volatility and private investment over the … number of different measures, volatility reduces private investment in developing countries. We then show that the …