depend on the investment policy of the firm, we develop a theoretical model, determine the optimal investment policy and …

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 paper I analyze the relationships among investment, q, and cash flow in a tractable stochastic model in which … regressions of investment on q and cash flow. In empirical studies, the estimated cash-flow coefficient is generally positive and …

Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow …

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 …

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 …

and its investment decisions leads to a systematic premium in the firm's share price relative to expected dividends. Noisy …'s decisions to their own benefit. The managers take advantage of shareholders by taking excessive investment risks when the market …

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 …

dynamics, which are similar across lumpy and frictionless investment models. With capital goods heterogeneity, households …How do microeconomic frictions and microeconomic heterogeneity affect macroeconomic dynamics? We revisit the recent … neutrality of fixed adjustment frictions in general equilibrium hinges on the assumption of capital good homogeneity. With only …