We develop a model of investment timing under uncertainty for a financially constrained firm. Facing external financing … costs, the firm prefers to fund its investment through internal funds, so that the firm's optimal investment policy and …, and at times as a substitute, to the real flexibility given by the optimal timing of investment. We show that: 1) the …

implication that firms with low hedging needs (high correlation between cash flows and investment opportunities) are more likely …

debt is strongly negatively correlated with corporate debt and investment, but strongly positively correlated with … strategy influences firms' capital structures and investment policies. …

investment by 2.5% more (on a quarterly basis) than otherwise similar firms whose debt was scheduled to mature well after 2008 …. This relative decline in investment is statistically significant and economically large, representing approximately one …-third of pre-crisis investment levels. A number of falsification and placebo tests confirm our inferences about the effect of …

Adding a return factor based on capital investment into standard, calendar-time factor regressions makes … issuers invest more than nonissuers matched on size and book-to-market. Moreover, the low-minus-high investment … the negative investment-expected return relation, as predicted by Carlson, Fisher, and Giammarino (2005). …

We study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts … affect the timing of investment. The model sheds light, theoretically and quantitatively, on the evolution of firms' dynamics …

value on firm investment. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside … the real estate industry, we estimate investment equations that yield no evidence of a collateral channel effect. One … obtain all the financing necessary to carry out their desired investment programs. However, we also find no collateral …

investment; the impact of uncertainty on investment occurs primarily through changes in credit spreads; and innovations in credit … spreads have a strong effect on investment, irrespective of the level of uncertainty. These findings raise a question … financial shocks. By influencing the effective supply of credit, both types of shocks exert a powerful effect on investment and …

We study how stock market mispricing might influence individual firms' investment decisions. We find a positive … relation between investment and a number of proxies for mispricing, controlling for investment opportunities and financial … our model, we find that investment is more sensitive to our mispricing proxies for firms with higher R&D intensity …