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 …

, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …

-preserving investment …

find that policy uncertainty raises stock price volatility and reduces investment and employment in policy … foreshadow declines in investment, output, and employment in the United States and, in a panel VAR setting, for 12 major …

's macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to …

Government subsidies are often used to stimulate environment-friendly investment. We find that Chinese firms reduce … green investment as the uncertainty of subsidies rises. This effect is identified from weather-driven fluctuations in air … engage in less green R&D investment, patent applications, and research staff. Industries that are heavy emitters and those …

evidence that incentive schemes affect real investment and sheds new light on challenges faced by economic reforms in China …-specific costs of capital. We show that SOEs did respond to the performance evaluation reform by altering their investment decisions …

Abstract U.S. firms have reduced their investment in scientific research ("R") compared to product development ("D …"), raising questions about the returns to each type of investment, and about the reasons for this shift. We use Census data that … cost. Companies with greater demand for refinancing during the 2008 financial crisis made larger cuts to R&D investment …