We examine the neoclassical investment model using a panel of U.S. manufacturing firms. The standard model with no … for firms with low (pre-sample) payouts (firms we expect to face financing constraints). Hem, investment is sensitive to … both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on …

pay back debt. In the long run, the allocation of undistributed cash to investment, retained earnings, and debt repayment …

We create a firm-level ChatGPT investment score, based on conference calls, that measures managers' anticipated changes … survey responses. The investment score predicts future capital expenditure for up to nine quarters, controlling for Tobin's q … and other determinants, implying the investment score provides incremental information about firms' future investment …

We compare the investment of standalone firms across regions after a positive shock to the investment opportunities … generated by a large-scale highway development project. We show that the standalones' investment sensitivity is lower in regions …

, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS …

when the chief investment officer of local public pension plans and endowments are minorities. Together, the results …