power for aggregate manufacturing investment growth fluctuations. In a second step, we use these determinants to identify …The ifo Investment Survey asks firms in the German manufacturing sector about the importance of sales, technological … factors, finance, return expectations, and macroeconomic policy for their investment activity in a given year. We show that …

firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … strips. Our model delivers testable predictions about the behavior of firm-level real variables - investment and output …

probability of disaster leads to a collapse of investment and a recession, an increase in risk spreads, and a decrease in the … of business cycle dynamics, especially sharp downturns in investment and output such as 2008-IV …