investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the … approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not …” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining …

financially turbulent periods in the 2000s in making investment decisions and in meeting demand for liquidity. A rise in … uncertainty regarding the ability to obtain external funds may have induced firms to rely on internal funds to finance investment … activities. Therefore, we shed light on the cash flow sensitivity of investment and cash holdings by estimating firmlevel …

investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the … approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not …” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining …

Using Swedish bank lending data, investment data and accounting data, I examine how the financial crisis affected … corporate investment through its effect on credit availability. Sensitivity to a credit supply shock is measured as credit … reserves, defined as unused credit on lines of credit. I find that firms with low credit reserves reduced investment …

returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average … levered investment returns to average observed stock returns, the model captures the average stock returns of portfolios … sorted by earnings surprises, book-to-market equity, and capital investment. When we try to match expected returns and return …

known as intangibles, suggest that their share in overall investment has grown considerably. Still, intangible investment is … rarely present in investment models. In this paper, I extend the q-theory of investment to model explicitly the decision of … movements in the measurement of the contribution of each type of investment to the overall capital stock. In particular, given …

monetary and other shocks. The theory predicts a positive effect of cash flow on investment, given fundamental determinants of … investment. I use an empirical method developed by Gilchrist and Himmelberg (1995, 1999), which has previously only been used to … its investment, controlling for any information in cash flow about investment opportunities. As predicted by the balance …

returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average … levered investment returns to average observed stock returns, the model captures the average stock returns of portfolios … sorted by earnings surprises, book-to-market equity, and capital investment. When we try to match expected returns and return …

This paper documents the recent slowdown in investment in India and explores its underlying causes. The sharp … investment deceleration has sparked an intense debate about the role of interest rates, as well as business confidence and … economic policy uncertainty. Our results suggest that while explaining aggregate investment activity better than nominal …