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. …

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). …

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 …

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 …

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 …

stock market bubble by issuing new equity. The bubble reduces the user-cost of capital and increase real investment. Using … real investment. …

lower income counties. Finally, we find higher investment in farm equipment and decreased borrowing following a positive …

with investor "rationality," the relation must be "explained" by a risk factor model. The investment approach changes the …-based factor models are linear approximations of firm-level investment returns. The evidence that characteristics dominate … important, the investment approach completes the consumption approach in general equilibrium, especially for cross …