We develop an integrated theory of investment, seasoned equity offerings (SEOs), liquidation, and corporate savings … payout policies. Facing costly external financing, the firm prefers to fund its investment internally, so that its optimal … substantial delay in investment; (4) A financially constrained firm over-invests in early stages of its life-cycle in an effort to …

We study the impact of stochastic interest rates and capital illiquidity on investment and firm value by incorporating … generalized q model informs us to use corporate credit-risk information to predict investments when empirical measurement issues … quantitative effects of the stochastic interest rates and capital illiquidity on investment, Tobin's average q, the duration and …

. When the agent can trade the market portfolio to partially hedge against investment risk, the systematic volatility is … investment payoff is a series of flows, the agent's idiosyncratic risk exposure alters both the implied option value and the …, consumption/savings, and portfolio selection. For a lump-sum investment payoff and an agent with a sufficiently strong …

We study how investors' preferences for robustness influence corporate investment, financing, and compensation … ambiguity aversion lowers Tobin's q; the average investment, and investment volatility. The entrepreneur values the project at …