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 …

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 …

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 …

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

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

This paper analyzes the strategic role of investment from a debtor country's perspective. The framework is one in which … this framework, the paper shows that productive investment may increase or decrease the bargaining power of the debtor …

will have no impact on corporate investment decisions. This paper develops econometric tests which distinguish between … these two views of dividend taxation. By extending Tobin's quot;qquot; theory of investment to incorporate taxes at both the … corporate and personal levels, the implications of each view for corporate investment decisions can be derived. The competing …

This paper uses firm-level panel data to analyze the role of financial factors in determining investment outcomes … parameter estimates imply that financial factors may account for 50% to 80% of the overall drop in investment observed during … this episode. Our estimates also imply that foreign-denominated debt had relatively little effect on aggregate investment …

Using plant-level data from Chile and the U.S. we show that investment spikes are highly pro-cyclical, so much so that … changes in the number of establishments undergoing investment spikes (the quot;extensive marginquot;) account for the bulk of … variation in aggregate investment. The number of establishments undergoing investment spikes also has independent predictive …