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 …

information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that elevated … validates endogenous growth theory models of creative destruction, such as Aghion and Howitt (1992); and suggests that recent …

) that has been modified to include ICT investment and R&D as the two main inputs into innovation and productivity. We find … innovation, and ICT investment being more important for productivity. For the median firm, rates of return to both investments …Both Research and Development (R&D) and Information and Communication Technology (ICT) investment have been identified …

, and the effects of different investment profiles on total factor productivity growth on Dutch firm-level data. We estimate … an integrated model of investment profile adoption and total factor productivity growth. We find that the three … investment decisions are complementary, in the sense that investing in one increases the probability of investing in another one …

product devoted to investment in computers, telecommunications equipment, and software rose sharply after 1995. The … contribution of total factor productivity growth from the IT sector in Japan also increased, while the contributions of labor input … and productivity growth from the Non-IT sector lagged far behind the United States. Our projection of potential economic …

United States, I find no econometric evidence that computer investment is positively linked to TFP growth (over and above its … is positively related to industry productivity growth. The effects are very modest -- adding at most 0.07 percentage … points to annual labor productivity growth …

through which upstream sector anticompetitive regulations may impact productivity growth: business investments in R&D and in … relating productivity explicitly to R&D and ICT capital as well as to upstream regulations, and two factor demand functions … finding that the impact of upstream regulations on total factor productivity can be sizeable, and they provide evidence that a …

We examine the role of the ICT revolution in driving productivity growth behavior for the United States and an …. Using industry-level data from EU KLEMS, we find that most of the 1995-2005 U.S. productivity growth revival was driven by …-2005 growth slowdown due to a paucity of ICT investment, a failure to capture the efficiency benefits of ICT, and performance …

earlier studies, the coefficients of R&D embodied in new investment are now statistically significant at the five percent …