-preserving investment …

The real options framework has been used extensively to analyze the timing of investment under uncertainty. While …. We extend the real options framework to model the investment timing decisions of entrepreneurs with such time …-inconsistent preferences. Two opposing forces determine investment timing: while evolving uncertainty induces entrepreneurs to defer investment …

This paper examines the importance of financial constraints for firm investment expenditures by looking at the … relationship between investment expenditures and proceeds from voluntary asset sales in financially healthy US manufacturing … companies. Specifically, we examine whether asset sales have a greater influence on investment expenditures for firms that are …

the start of the financial crisis (third quarter of 2007) to its peak (first quarter of 2009), both large and investment … sharply (by 17.8% in the case of investment-grade firms) after the fall of Lehman. Though small and unrated firms have …

returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … the firm's exposure to IST shocks and risk premia. Our calibrated model replicates: i) the predictability of returns by …

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 …

In this article we develop a model to analyze patent-protected R&D investment projects when there is (imperfect …. These benefits to society are countered by increased total investment costs in R&D and lower aggregate value of the R …&D investment projects …

We study when and why firms exercise real options. Using detailed project-level investment data, we find that the …

technology acquisition. In our research setting, the most common way to exercise the option post-CVC investment is via technology …

. The stochastic financing conditions have rich implications for investment and risk management: (1) investment can be …Firms face uncertain financing conditions and are exposed to the risk of a sudden rise in financing costs during … financial crises. We develop a tractable model of dynamic corporate financial management (cash accumulation, investment, equity …