quarters of the variation in real annual aggregate investment growth between 1948 and 1993. The negative correlation of … contemporaneous investment and stock returns is explained by the negative correlation of planned investment and subsequent stock … returns. Unexpected revisions to aggregate investment (actual minus plan) within a year are essentially unrelated to current …

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 …

This paper examines the effect of a change in U.S. trade policy on the domestic investment of U.S. manufacturers. Using … uncertainty exhibit relative declines in investment after the change in trade policy. Within industries, we find that this … intensity. Plants with high initial levels of skill intensity, by contrast, exhibit relative increases in investment with …

We explore the impact of investment-specific technology (IST) shocks on the crosssection of stock returns. IST shocks … asset returns and investment rates …

investment more procyclical, financial constraints are more binding in economic booms. These insights arise from two dynamic …

establish a causal relationship between competition and investment. Within manufacturing, we show that industry leaders invest … in the late 1990's, which is orthogonal to demand shocks in the 2000's, predicts higher industry investment given Q …

In this article we study differences in the returns to R&D investment between firms that sell in international markets …-run benefit from R&D investment for exporting and domestic firms. The results show that R&D investment leads to a higher rate of … export market sales. As a result, exporting firms have a higher payoff from R&D investment, invest in R&D more frequently …

The empirical literature that seeks to measure the effective tax rate on new investment offers a striking paradox. On … the one hand, summary measures of the effective tax rate on new investment are normally quite high. On the other hand, the … tax rate on new investment. It is much more robust than the standard measures, such as King-Fullerton marginal effective …

This paper investigates the effect of entrepreneurs' personal income tax situations on their capital investment … significant influence on investment decisions. In our sample increase in marginal tax rates would reduce the proportion of … entrepreneurs who make new capital investments by 10.4 percent, and decrease mean investment expenditures by 9.9 percent …